Hiren:
One approach is to set RadCaptcha property EnableRefreshImage="true", but to move the image refresh link's text off-screen using CSS. Then, you can replace the link click functionality with an asp:button that features your "Refresh.png". You can associate a RadToolTip with this button and set the tooltip's display text as needed.
The JavaScript function: RefreshImage() is assigned to the "onclick" event of the button.
See the demo in action at
http://screencast.com/t/EFPsQnJoGaB
Default.aspx:
Hope this helps!