This function is split into two separate ones: one covers the images (aka Inline Shapes) and the other covers the floating shapes/images.
Image Browser tab:
Shape Browser tab:
The list of functions are the same whether you’re dealing with images or shapes. You can remove them, remove any associated links to files and convert them between the two types. You can also resize them to particular percentages from the drop-down list and, if you are using a lot of linked items in the current document, you can view the full link (if it doesn’t fit on the screen) or open up Windows Explorer at the location the link is pointing to.
This button will toggle the style of the list box between being able to only select one item at a time, or selecting multiple items.