$checkBox = new Zend_Form_Element_MultiCheckbox('multicheckbox');
$checkBox->setDecorators(array(
           array('ViewScript', array('viewScript'=> 'Decorators/ViewScriptCheckBox.phtml',
                                     'placement' => false))
        ));
$i = 0;
foreach($words as $word)
{
    $sources[] = $word;
    $checkBox->addMultiOption($i, '');
    ++$i;
}

$checkBox->sources = $sources;

$this->addElement($checkBox, 'multicheckbox');
$this->addElement('submit', 'submit', array('label' => 'Подтвердить'));

$this->addDisplayGroup(array('multicheckbox', 'submit'),
            'group',
            array("legend" => "Выберите нужные слова"));

<?php
    $element = $this->element;
    $values  = $element->getValue();
    $elementName = $element->getName();
    $counter = 0;
?>

<div>
  <?php foreach($element->getMultiOptions() as $option => $value){ ?>
    <div>
        <img src="<?php echo $element->sources[$counter]; ?>.jpg">
        <input type="checkbox" name="<?php echo $elementName; ?>[]" id="<?php echo $elementName; ?>-<?php $option; ?>" value="<?php echo $option; ?>">
    </div>
  <?php ++$counter; } ?>
</div>