Thank you very much. I was able to convert a landsat image to a point shapefile, which was very nice. (68 million points!) Unfortunately from what I read, most .lyr files can not be converted to a point feature if they don't have associated "data". Hence I was not able to convert a higher resolution esri world imagery .lyr file to a point feature. I would imagine the number of points would be astronimcal, unless there is a way to specifically choose a portion(crop tool or something of the like?) of the .lyr or other image you want to convert to a shapefile. At any rate this has been very informative and I thank you all for your assitance. : )