A few things to try:
1. In Word, if you're working in Normal view, switch to Print Layout view
(View | Print Layout), because objects that are formatted as "float over
text" (Word 97) or as something other than "inline with text" (Word 2002 and
2003) are not visible in Normal view.
2. In Word, click on Tools | Options | View tab | check the "Drawings"
box and uncheck the "Picture placeholders" box | Print tab | check the
"Drawing objects" box | OK.
3. If neither of the prevous suggestions fixes the problem, then try
reducing the hardware acceleration setting in Start | Control Panel | Display
| Advanced | Troubleshooting. If this fixes the problem, you might want to
check the website of the manufacturer of your video card/graphics adapter to
see if there is an updated driver available.