If you're using Windows XP and need to transfer all your files and settings from one computer to another (rather than transferring just your Word or Office settings), you can use the Files and Settings Transfer Wizard instead of the Save My Settings Wizard.
Provided you do that, and remove Office from the original computer, transferring the program files is easy enough: a standard installation on the new computer and a standard removal from the original computer. As you'd guess, if your installation of Word is part of Office rather than a standalone installation, you must move all the Office applications to the other computer.