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Note, software update via Mac will not do it. Open Word and go to Help, seek out "update" there and go to it. This update seems to have come out on November 10. (Nobody tells me nothing. My auto update is only once a month...)
Afterwards, you'll miss enjoy of "the fun color wheel of wait" when using Excel. Entourage opens much, much faster. Word, too.
Note, on Entourage you may have to reenter your POP passwords in your keychain.
Here's the official word:
Also, there is an Open XML Converter Update.
MacRumor's forum is always interesting and sometimes useful with these updates: