All of this "graphical captcha" stuff is easy to hack if somebody is out to trash *your* site.
For example I run some sites and paid someone 1k or so to develop a graphical captcha. It displayed two numbers as graphic images and you had to enter their product e.g. 12 x 3 = 36.
A friend who is an expert at unix spent just a few mins on a script which used standard unix utilities to do OCR on the page, and you can guess the rest.