An e-mail claiming to showcase photos of a hanged/hanging and/or captured Osama din Laden is a hoax. The e-mail originated as an attempt to get people to download a trojan horse virus on to their computer, but it later morphed into a scare mail warning people about the alleged apocalyptic dangers of opening the e-mail. The virus itself has been neutralized, and the dangers were never as bad as what the hoax e-mail claims.
Full debunkings of this hoax/virus can be found on Snopes.com, About.com and Hoax Slayer.