There's a few ways, here's a couple... (I'm assuming you mean a Word document)
1. Highlight and copy to the clipboard the Word document. In Acad go to Edit > Paste Special > Paste (or Paste Link if you want it linked).
2. Save your Word document as an .rtf file. In Acad start Mtext > Options > Insert Text.
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Acad2006, Terramodel