A family of Microsoft word processing software products for creating web, email, and print documents.
I had this issue today and found that it was being caused by an COM add-in that was not configured properly.
As a few other people have stated, once Word had loaded, it would load documents quickly, but the inital startup of Word was slow, taking a good 20 seconds to load.
Running it with the no-addons switch pointed me in the right direction:
Winword.exe /a
Once I disabled the add-in, it works normally - and loads in approx 2 seconds.