How can I determine if an image has loaded, using Javascript/jQuery?

<img id="photo"
     src="a_really_big_file.jpg"
     alt="this is some alt text"
     title="this is some title text" />

$(function()
{
  var REAL_WIDTH = $("#photo").width();
  var REAL_HEIGHT = $("#photo").height();

  $(window).resize(adjust_photo_size);
  adjust_photo_size();

  function adjust_photo_size()
  {
    if(REAL_HEIGHT < 150)
    {
      REAL_WIDTH = $("#photo").width();
      REAL_HEIGHT = $("#photo").height();
      if(REAL_HEIGHT < 150)
      {
        //image not loaded.. try again in a quarter-second
        setTimeout(adjust_photo_size, 250);
        return;
      }
    }

    var new_width = . . . ;
    var new_height = . . . ;

    $("#photo").width(Math.round(new_width));
    $("#photo").height(Math.round(new_height));
  }

});

<img id="photo"
     onload="photoLoaded();"
     src="a_really_big_file.jpg"
     alt="this is some alt text"
     title="this is some title text" />

//This must be outside $() because it may get called first
var isPhotoLoaded = false;
function photoLoaded()
{
  isPhotoLoaded = true;
}

$(function()
{
  //Hides scrollbars, so we can resize properly.  Set with JS instead of
  //  CSS so that page doesn't break with JS disabled.
  $("body").css("overflow", "hidden");

  var REAL_WIDTH = -1;
  var REAL_HEIGHT = -1;

  $(window).resize(adjust_photo_size);
  adjust_photo_size();

  function adjust_photo_size()
  {
    if(!isPhotoLoaded)
    {
      //image not loaded.. try again in a quarter-second
      setTimeout(adjust_photo_size, 250);
      return;
    }
    else if(REAL_WIDTH < 0)
    {
      //first time in this function since photo loaded
      REAL_WIDTH = $("#photo").width();
      REAL_HEIGHT = $("#photo").height();
    }

    var new_width = . . . ;
    var new_height = . . . ;

    $("#photo").width(Math.round(new_width));
    $("#photo").height(Math.round(new_height));
  }

});

<img id="photo"
     onload='loaded(this.id)'
     src="a_really_big_file.jpg"
     alt="this is some alt text"
     title="this is some title text" />

$("#photo").load(function() {
    alert("Hello from Image");
});

doShow = function(){
  if($('#img_id').attr('complete')){
    alert('Image is loaded!');
  } else {
    window.setTimeout('doShow()',100);
  }
};

$('#img_id').attr('src','image.jpg');

doShow();

<img id="myimage" onload="$(this).data('loaded', 'loaded');" src="lolcats.jpg" />

if ($('#myimage').data('loaded')) {
    // loaded, so do stuff
}