Short Answer: No
"One of my biggest problems is people giving us stuff they want offset printed, and it's in Word e.g. self-published books, menus, concert programs, sports club fixtures etc. If they are having a lot printed (over say 500), this means the document has to be laid out in a proper program you can get seps [colour separations] from."
In other words, the lack of CMYK images support in Word is one of the reasons why you shouldn't use it to create documents for printing on an offset press.
If you need to know which programs you should use to create documents for offset printing, find out the best desktop publishing software for your needs. Even Microsoft recommends using Publisher over Word for material to be commercially printed. Publisher 2010 has improved commercial printing options including color models such as PANTONE spot colors and CMYK.