I don't see the relevance of them being MS Word text files -- or do you mean they must end up back in an MS Word document?
In PhotoLine 32, go Menu Bar > File > New Document.
Type the text string you want, select the type face and type size. Make the black letters black and the red letters red.
Now go Menu Bar > Layer > Convert Layer Type > and select RGB image.
Use the lassoo to select just the type (which is now an image), cut it then go Menu bar > Edit > Paste as document and you now have the type as a picture with a transparent background.
Save, choosing to save to GIF format and seek out the options tol reduce colours. I found red and black saved satisfactorily to using 4 colours (down from the GIF starting point of 256).
THE PROBLEM I then had was getting it into a document at the correct definition. I saved a 300 dpi graphic -- which was about 3.3 cm long (a little under an inch and a half). When I dropped it into a Word Processor, it expanded to fill the page.
How do you control sizing in a Word Processor target document?
Geoffrey Heard, Business Writer & Publisher
"Type & Layout: Are you communicating or just making pretty shapes" -- Revealed! The secrets of how you can use type and layout to turbocharge your messages in print. See the book at http://www.worsleypress.com