On Tuesday July 8th Microsoft released a Security Advisory in respect of Word 2002 SP3
Quote from: MicrosoftAn attacker who successfully exploited this vulnerability could gain the same user rights as the local user. Users whose accounts are configured to have fewer user rights on the system could be less affected than users who operate with administrative user rights.
This is still under investigation and their is no solution as yet, however it would appear that other versions of Word are not affected. For full details see Microsoft Security Advisory (953635) (http://www.microsoft.com/technet/security/advisory/953635.mspx)