add a picture to a powerpoint slide

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Or try to unassign the object variable.
Moved Open/Close for the application and the presentation to outside the loop for performance reasons.

Local $Photo = 1
Local $oPicture
$oPPT = _PPT_Open()
$oPres = _PPT_PresentationOpen($oPPT, @ScriptDir & "\Test.ppt")
While $Photo < 6
$oSlide = $oPres.Slides(1)
$oSlide.Shapes(1).Delete
$oPicture = _PPT_SlideAddPicture($oSlide, @ScriptDir & "\" & $Photo & ".jpg", -1, -1, 721, 542)
$oPicture.ZOrder(1)
$oPicture = 0
_PPT_PresentationSaveAs($oPres, @ScriptDir&"\New" & $Photo, 17)
$Photo = $Photo + 1
WEnd 
_PPT_PresentationClose($oPres)
_PPT_Close($oPPT)

 

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BTW: When posting code, please use the AutoIt code tag ("<>" button in the editor). Makes your code much easier to read.