It sounds like tracking is turned on. You don't say which version of Word
you're using, but do you see something like TRK in the status bar?
In tracking mode, insertions and deletions are tracked. You can toggle
tracking in a variety of ways, including by pressing Ctrl+Shift+E. My guess
is that you turned it on by accident, or that someone sent you a file with
tracking turned on.
If you turned it on by accident, then you want to a) turn tracking off, and
b) review the changes you've made and accept or reject them.
If you're using Word 2007, press Ctrl+Shift+E so that you see Track Changes:
Off on the status bar (you might need to right-click the status bar and turn
the indicator on before this shows up). Then, click the Review tab in the
ribbon, and used the Accept/Reject/Previous/Next buttons to convert the
tracked changes into final form.
If you're using Word 2003, , press Ctrl+Shift+E so that you see TRK go dim
on the status bar. Then, use the controls in the Reviewing toolbar to
review/accept/reject the tracked changes.