Here is another way (albeit slightly overkill with \tkiz for drawing the box, but you can adapt the other solutions for the box drawing if that is not desired -- I tend to think \tikz first for some reason :-). The only real enhancement here from the other solutions is to use \def\DemoOption{demo} when in demo mode and \def\DemoOption{} when not in demo mode. This could be improved by using a command line option to set \DemoOption.
Since the graphicx pacakge defines \def\Ginclude@graphics when in demo mode, we just need to redfine that after \begin{document}:
\def\DemoOption{demo}% Use this in demo mode
%\def\DemoOption{}% Use this when done want figures included
\RequirePackage[\DemoOption]{graphicx}
\documentclass{article}
\usepackage{tikz}
\usepackage{xstring}
\begin{document}
\makeatletter%
\IfStrEq{\DemoOption}{demo}{%
\renewcommand{\Ginclude@graphics}[1]{%
\tikz \draw (0,0) rectangle (150pt,100pt);%
}}{}%
\makeatother
\includegraphics{whatever}
\end{document}