How do I generate an eps file for an image in INKSCAPE? I was asked for a vector file but I can't find out how to generate them either.

Can someone pleeeeeeeeeeezzzz help?

SVG is a vector format! As long as you're saving your image as SVG, it is a vector file. However, you can have imported raster images (JPG, GIF, PNG, etc.) within a vector (SVG) file. So if you have nothing but imported raster images in an SVG file, it won't behave like a vector file.

EPS is another kind of vector format. But you may need to install something else to be able to open an EPS file. This forum is full of messages asking about opening EPS files, so a forum search should turn up the answer. Or I think it's also covered here: http://inkscape.org/en/learn/faq/. You can use File menu > Save As > EPS to create an EPS file, however, without the proper program installed, you won't be able to open and view it.

Flamingolady wrote some nice tips on eps files a while ago:
http://www.inkscapeforum.com/viewtopic.php?f=5&t=13628&p=56780#p52788
http://www.inkscapeforum.com/viewtopic.php?f=5&t=13833#p53921

Based on your other post you may be in bad luck with providing the blurred shadows and gradients in your eps file.
Inksape's eps save option doesn't allow to use those as vectors.

Even if it could be saved, the cmyk model would be missed.
Like, you can export to png of the objects that are missing and embed that image back and save it as an eps (Or is there a rasterise filters option as well that works with gradients? I didn't check.).
But it wouldn't make for a better print. Prepress operators may tell.
(Dithering effect in the shadow, and missing bright colours for example.)

If you want to embed a high-resolution raster image in your eps, then why not to use raster format at first place.