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 previous suggestions fixes the problem,
then try reducing or turning off 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.