Im on d7. I'm looking for a way to have images displayed on my site from another image hosting site such as imgur or imageshack. Right now I've been using the media module for uploading images to my site and it works great, but I don't want to store the image on my server. I need the ability to "source" where the image came from, but the media module doesn't store that info, it just downloads the file. thanks for your suggestions.
Unless Media Flickr does exactly that, I don't think what you ask for is available to this point.
The best suggestion I have, is to write a module that extends media, to do what you want. I've been involved in a project to integrate media with a media bureau's photo repository, so I know that it can be done. Unfortunately, there is no code from that project I can point you to at this point. The media flickr module may be a good source of inspiration though. This is the best solution because once understood, will require little work to extend to a second service, and it can be contributed back to the community. The problem here is that media seems to be a moving target at this time.
The second best suggestion, is to wrap an imagefield with a custom widget (for node edits) and a custom formatter (for node views) that does what you want. This will unfortunately become a specific re-implementation of media, and as such, not a general solution.