graphics - Rectangle with rounded edges

Inspired from :

Fit an image within a Rectangle [] in Graphics

I would like now to fit an image within a Rectangle[] with rounded edges as shown in the example below :

Is it possible ?

Answer

Using pieces from the linked answers, and Heike's code:

Text piece:

 txt1 = Take[
 ExampleData[{"Text", "LoremIpsum"}, "Lines"], {1, -1, 2}][[1]] //

 StringTake[#, 330] &;

Image piece:

 pic = Import["http://dailytechgadgets.files.wordpress.com/2011/02/old-ferrari.jpg"];

And Heike's code for rectangles:

 rec[ll_, ur_, pic_] := 
 Module[{crop, boxrat}, 
 boxrat = #2/#1 & @@ MapThread[Abs[#2 - #1] &, {ll, ur}]; 
 crop = ImageCrop[pic, Transpose[{ImageDimensions[pic]}], 

 AspectRatio -> boxrat]; 
 Inset[crop, Min /@ Transpose[{ll, ur}], {Left, Bottom}, 
 Abs[ur - ll]]]

and Heike's code again for putting all together -- just adding RoundingRadius to rectangle objects and commenting out lines that produce lines--:

 Graphics[{EdgeForm[{Thickness[0.005`], Black}], FaceForm[White], 
 Rectangle[{0, 0}, {160, 90}, RoundingRadius -> 4], 
 FaceForm[Darker[Gray]], 
 Rectangle[{0, 0}, {80, 63}, 
 RoundingRadius -> 4],(*code for picture*){rec[{80, 0}, {160, 63}, 

 pic], FaceForm[Opacity[0]], 
 Rectangle[{80, 0}, {160, 63}, 
 RoundingRadius -> 4]},(*code for text*)
 Inset[Pane[
 Style[txt1, 12, TextAlignment -> Left], {Scaled[1], 
 Scaled[0.75`]}, Alignment -> Center, 
 ImageSizeAction -> "Scrollable"], {0, 8}, {Left, Bottom}, {78,67}], 
 Flatten[Transpose[{Flatten[(Table[
      RandomChoice[{GrayLevel[0.15`], c0[[#1]]}], {3}] &) /@ 
   Range[2, 4, 1]], 

 MapThread[
  Function[{Xs, Ys}, 
   Rectangle[{Xs, Ys}, {Xs + 16, Ys + 9}, 
    RoundingRadius -> 4]], {Flatten[Table[Range[0, 32, 16], {3}]],
    Flatten[(Table[#1, {3}] &) /@ Range[63, 81, 9]]}]}]](*,{Black,
 Thickness[0.005`],Line[{{0,63},{159,63}}]}*)}, 
 PlotRange -> {{0, 160}, {0, 90}}, Method -> {"ShrinkWrap" -> True}, 
 ImagePadding -> 2, ImageMargins -> 0, ImageSize -> 500]

produces:

You need further refinements to clean up. In particular, the image needs to be masked with a rectangle with rounded corners.

EDIT: For masking an image with a round-cornered reactangle, play with the parameters of Rectangle in

 pic2 = ImageAdd[ pic, 
 Graphics[{Black, Rectangle[{2, 1}, {4, 2}, RoundingRadius -> .2]}]]

Update: For better masking using SetAlphaChannel and better handling of image size (Thanks: @ssch and @Jens)

roundImage[img_, r_] := Module[{dim = ImageDimensions[img], sr}, 
sr = Max[dim]*r; 
SetAlphaChannel[img, 

   Graphics[{White, Rectangle[Scaled[{0, 0}], Scaled[{1, 1}], RoundingRadius -> sr]},
 Background -> Black, PlotRangePadding -> 0, 
 PlotRange -> {{0, 0}, dim}\[Transpose], AspectRatio -> Automatic] ]]