Word documents are not images. Photoshop is an image editor – we’re talking apples and oranges here. We’ll take it as a given that you will only get one page at a time into Photoshop.
If you want an image of a Word document, you can print the Word document to PDF. Choose your page range in the Print dialog so that you don’t print the whole document if it is a multiple page file.
Macintosh: capability is built-in File: Print: PDF: Save
Windows: If you don’t own Acrobat Pro, then get the free CutePDF for Windows, http://www.cutepdf.com, install it, and then choose CutePDF as your ‘printer’
This saves the PDF to your drive. Then open the PDF document with Photoshop and it will convert it to a raster image,
– or take a screen shot of the document
On Mac, open the Word doc on your screen, hit Command-Shift-4 which will turn the cursor into crosshairs, and drag a rectangle around the area you want to copy. A file will be saved to your Desktop as “Screen shot {date} at {time}” (OS 10.6) or as “Picture{##}” (earlier versions). Open that file in Photoshop and have at editing it. http://guides.macrumors.com/Taking_Screenshots_in_Mac_OS_X
In Windows when you have the document open in Word, hit Alt -PrtScr, which copies it to the clipboard. Open a new Photoshop document, and then Paste the screen shot into the Photoshop document.
Vista and Win 7 Snipping tool http://en.wikipedia.org/wiki/Snipping_Tool
If you simply want a few words in a particular font saved as an image, it may be just as easy to type them into Photoshop with the Text tool. The font should be available to all programs running on your machine if it was installed properly.