If you want to retain the current symbology used in the layer file when making the image, here's an option that will work:
- Display just the layer file in ArcMap in Data View.
- From the main menu at the top, File, Export Map.
- In the "Export Map Window that shows up (see below), be sure to open up the Options (click on small triangle). Look at the various settings and decide which to use. If you want the image to line up with other data, be sure to check the "Write World File" checkbox. Note - one drawback of this method is that the background color will be retained instead of becoming "No Data".

Alternatively, if you want an image of the layer file but are not concerned about how it looks, another option is to use the various Conversion Toolbox tools: Polygon to Raster, Polyline to Raster, and Point to Raster. However, these require either Spatial Analyst or 3D Analyst extensions, or an Advanced ArcGIS license. This is a more elegant solution, but the current symbology will be lost.
Chris Donohue, GISP