Hi my website www.in2town.co.uk is a magazine site and along the right i would like to have a small image showing and then writing along the left. for example, i am looking at something similar the sun newspaper does, where on their home page they have along the side and a brief description and i would like to know if it is possible to do this with k2

It is possible by using the K2 Content Module.

how do you mean the k2 content module, i have k2 but cannot see any content module and just searched on the net and could not come across anything except k2 itself. do you have a link

just found k2 content in my k2 component but not sure how to set this or if this is the right one that i should be looking for

How to activate and use a Joomla Module is a Basic Joomla Function you should now.

Take a look here.