"So i want to know whether or not its possible a virus contained
inside the image could still have been executed if the software did
not 'fully' open the image?"
Given the other answers say that it is a PE executable, it's very unlikely that you've done anything harmful by opening it in an image editor/viewer. Image viewers generally look at the first few bytes of a file to determine its file type and then bail with an error if it doesn't match known signatures. The introduction of most file formats is what is known as a "magic number" - almost every file format has one. Magic numbers allow readers to perform a sanity check on the file data before attempting to process garbage.
If it were a legitimate image file, it is important to note that there have been buffer overflows over the years that exploited the way certain image parsers worked in various software libraries. A few exploits were discovered a few years ago for crafting a special image to exploit various library weaknesses in some of the most popular libraries out there that image editing and viewing software uses. Obviously, as holes are discovered, they are patched but it is up to each software vendor using the library to update their software and then every user of that software has to update the software. That process can take significant time to complete.
But in your case, no, it's probably just a badly named EXE and your machine is probably just fine. Which also likely means that everyone they spammed with that message received an equally malformed filename and the recipients also can't open it. Malware delivery fail. Score one for stupid.
My second question is if there is any way to decode/decompile the
image data in order to better view its contents?
There are tools to dissect PE files (high level section breakdown). Looks like .NET might be involved in this case. I've not had to do any disassembling in a while. There are both free and commercial reverse-eningeering tools out there for .NET binaries. Obviously, if you pay money for a tool like that, it will generally be significantly better than the free tools.
That all said, if you think your machine has been compromised, disconnect it from all networks and probably turn it off until you can reinstall the OS. The last thing you want/need is Cryptowall and a bonus rootkit to get installed. Reinstalling an OS is the only option these days for a malware infestation. Most of the malware deployed via e-mail today are just small downloaders for going and getting more malware from the Internet. Once there is a small foothold, it is game over for the OS.
Finally, don't open strange attachments from weird people.