CSS centered image with dynamic left and right div with lines

Question 1

Here is my solution using a wrapper for the left and right div, which have a width of 50% and contain other divs with margins of half the image's width. The image itself is positioned in the wrapper using absolute positioning.

HTML

<div class="wrapper">
    <div class="left"><div>Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor.</div></div>
    <div class="right"><div>Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus.</div></div>
    <img src="your_image.png" alt="" />
</div>

CSS

.wrapper {
    position: relative;
    overflow: hidden;
    height: auto; /* match the height of the floating divs */
}

.wrapper > div > div {
    min-height: 100px; /* at least as high as the image */
}

.wrapper > .left {
    float: left;
    width: 50%;
}

.wrapper > .left > div {
    margin-right: 50px;
    background: blue;
}

.wrapper > .right {
    float: right;
    width: 50%;
}

.wrapper > .right > div {
    margin-left: 50px;
    background: red;
}

.wrapper > img {
    position: absolute;
    width: 100px;
    height: 100px;
    top: 0;
    left: 50%;
    margin-left: -50px;
}

Here is a JSFiddle: http://jsfiddle.net/j84LB/

Question 2

You could try warpping it, and giving the divs on the sides 25% and the image 50%.
This is the same as the divs having values 50% of the images width.

CSS

.wrapper {width: 200px;}
.left {width: 25%;}
.right {width:25%;}
.image {width: 50%;}

HTML

<div class="wrapper">
    <div class="left"></div>
    <div class="image">
        <img src="" />
    </div>
    <div class="right"></div>
</div>

Question 3

Seems easy using enough display:table/display:table-cell

No need to extra divs etc.

JSfiddle Demo

HTML

<body>
    <div class="wrapper">
        <div class="left">Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor
        </div>
        <div><img src="http://lorempixel.com/output/abstract-q-c-100-100-6.jpg" alt="" /></div>
        <div class="right">Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus.
        </div>

    </div>
</body>

CSS

.wrapper {
    position: relative;
    overflow: hidden;
    height: auto;
    display:table;
}

.wrapper > div {
    display:table-cell;
    vertical-align: middle;
    padding: 1em;
}

.wrapper > div:nth-child(2) {
    min-height: 100px;
    width:100px;
    padding:0;

}