Replacing the "Red X" when image resource not found

I’d like to be able to replace the red “x” when an image isn’t found on my web server with something a little more endearing (and thus user friendly). Is it possible? Or would I need to do a logic check for the image and have some if available display if not display something else type of idea…?

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Subject: The Red X is generated by the browser, not the Server.

Subject: So…

…is there any way to test the image link so the browser won’t display it?

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