Actually, you don't </if> right before the <else />, so wouldn't it be something more like this?
HTML Code:
<if condition="$foruminfo['forumid'] == 221">
<img src="images/ocean-navigator/contributing-publishers.gif" />
<else /> <if condition="$foruminfo['forumid'] == 222">
<img src="images/ocean-navigator/ocean-navigator.gif" />
<else /> <if condition="$foruminfo['forumid'] == 223">
<img src="images/ocean-navigator/good-old-boat.gif" />
<else /> <if condition="$foruminfo['forumid'] == 224">
<img src="images/ocean-navigator/practical-sailor.gif" />
<else /> <if condition="$foruminfo['forumid'] == 225">
<img src="images/ocean-navigator/cruising-world.gif" />
<else /> <if condition="$foruminfo['forumid'] == 184">
<br /><img src="images/ocean-navigator/latts.gif" /><br />
<else />
<if condition="!in_array($forum['forumid'], array(221,222,223,,224,225,184))">
<div id='div-gpt-ad-1337810311805-0' style='width:728px; height:90px;'>
<script type='text/javascript'>
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1337810311805-0'); });
</script></div>
</if>
</if>
</if>
</if>
</if>
</if>
</if>