For example, if I draw an arrow on a picture in Onenote 2007, then select
both of them, copy and paste them into Work or Outlook, the drawing object
would appear on the bottom of the picture, rather than above the picture.
Is there a way to keep the relative position of a picture and drawing
objects on it ?

Many thanks.

Wuei wrote:

No.
Unfortunately ON does not have a feature to *group* objects or
"anchoring" an object to another one.

AFAICS this is one of the most serious shortcomings in the current
version of ON.

I assume that this issue will have been subject to many requests for the
next version.
Still you may post this as a suggestion for the next version in
"Connect", the place for submitting suggestions and bug reports to the
developers team:
http://connect.microsoft.com/onenote/
(most probably after searching there and just voting and adding one more
comment to threads already opened there).