Move your image after the link and put "align=right" on your image. This causes the text to flow to the left of the image.
<table border="0" cellspacing="0" width="600" cellpadding="15">
<tr>
<td align="center">
<a href="http://www.coedsneedcash.com/?wm_login=trey4u" onMouseOver="window.status='www.coedsneedcash.com';return true" onMouseOut="window.status='';return true">
<img border="0" src="banner5.gif" width="200" height="300"
align="right">
<font size="4">BECOME A MEMBER OF
COEDS NEED CASH.COM FOR UNLIMITED ACCESS TO THE ENTIRE COLLECTION OF PICS AND VIDEOS
OF COLLEGE GIRLS FUCKING FOR CASH. ENJOY THE NASTY COED SLUTS TODAY!</font>
</a></td>
</tr>
</table>