Create a Presentation from a Document
The Problem:
I get sales reports from our reps once a week (well, that's the theory) so I can create a department-wide memo. Now the VP has decided that she needs a presentation made from this material.
The Solution:
You can paste bits and pieces into PowerPoint as needed, as you'd expect, but your best bet here is probably to use Word's feature for exporting a document outline directly to PowerPoint as the skeleton for a presentation.
Set up the document as a standard outline using Heading styles (Heading 1, Heading 2, and so on) or equivalent styles with the appropriate heading levels set (in the "Outline level" drop-down list in the Paragraph dialog box). The easiest way to arrange the outline is to choose View 
Outline and work in Outline view. Each Heading 1 paragraph starts a new slide, each Heading 2 paragraph is a first-level bullet point, and each Heading 3 paragraph is a second-level bullet point; any further levels of heading will induce eyestrain or narcolepsy in your audience.
When the outline is ready, choose File Send To Microsoft Office PowerPoint (or File Send To Microsoft PowerPoint in Office XP and Office 2000). Word starts PowerPoint if it's not already running, creates a new presentation, and enters the text on the slides. Save the presentation immediately, apply a slide design (Format Slide Design), change the slide layout if you want (Format Slide Layout), and add any graphics, videos, sounds, and other finishing touches you deem necessary.