Overlay image on map with latitude/longitude information

All,

I think what I am asking should be fairly simple. I have a north up image. I know the four corner lat/lon information for said image. I would like to overlay it onto a map in ArcMap. What is the process for doing so? I am currently using a GraphicTracker to draw everything else I need so if there is a way to do this with a GraphicTracker that would be nice. However, if I need to draw it some other way that is okay too. I've seen mention of raster datasets and a separate raster layer. Is this the route I have to go? Any other threads or samples of someone already doing this would be great.

Chris