It currently just takes a text file, formats using the font and size you want and generates lots of html and 16 colour gifs images of the text, formated in the way irex did there picture show demo.
If you want to put your own pictures in, you'll have to copy manually what irex does. They put a short pdf on how to do it here:
http://www.irextechnologies.com/file...ur%20iLiad.pdf
If you haven't got the demo content, its here:
http://www.cogitatio.de/downloads/content.zip