In UFT, if you click on File > Print Setup..., there are three tabs at the top of the window.
On the External Support Tab there is a box labeled "Editor Choice". If you click on this block you can select Microsoft Word. Then you have to put the path to winword.exe in the box below this one. YOu must use the 8.3 format so the easiest way is to select Browse and find the program this way.
Now when you select "Print to file:" on the "Print Setup" tab of this menu, you will be directing the output to a Word file. You may want to look at the options on the "Page Setup" tab also so you can get what you wish on the output.