Thanks, Tom, it's good to know about that console (I spend a ton of time in event viewer).

Here's what I'm getting when I try to launch Word:

com.apple.launchd.peruser.501: ([0x0-0x26026].com.microsoft.Word[357]) Exited with code:1

Both of the numbers before and after the "com.microsoft.Word" part increase each time one of the Office apps is launched.

Unfortunately I don't see any sort of Office updater...

*edit*
I just tried creating a new admin account and launching Word from there. It crashed even quicker...