replace this
while ($row = execute($result))
with this:
while ($row = $query->fetch())
EDIT
This make it better to read.
while ($row = $query->fetch()) :
// Display them to the screen...
?>
<a href="<?php echo $row['link']; ?>">
<img src="<?php echo $row['image']; ?>" border="0" alt="<?php echo $row['text'];?>">
</a>
<?php endwhile; ?>
<br/>
<br/>
<br/>