MS Word is simply put just a fancy text editor. Like Burf and canucksgirl mentioned you need another package for that.A friend who does typography makes her fonts in Illustrator or similar vector graphics program (if it's not a commercial font you can use the 30 day trial version on the adobe website). Then uses another tool to create a font file (Truetype or Opentype filetypes are most common).After creation drop the font in your X:/windows/fonts directory.A short popup message should inform you that the font is being installed by windows to the regular fonts (it might only show up for less than a second).After this you can use it like any other font in MS word (or any other package).Be careful though, putting lots of fonts in this directory will affect your systems stability and can even cause serious crashes when the fonts are corrupted or otherwise damaged. I recommend using a program to load the font dynamic. Fontloader has served me well in the past years and is 100% free
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I'm not aware of any method to make fonts in MS Word. There are however many free programs that will allow you to create your own fonts.Here is one that you may want to try...
Here's a link to a tutorial showing how to do it:http://www.makeuseof.com/tag/create-your-own-fonts-symbols-characters-windows/