Are there any other apps running when you first access word or is that the only program running? In some early versions of MS Office there is a program "find fast" which the installer puts into the startup folder. If this is missing and you've a lot of files in the default directory (see below) that might account for some of the delay too.
How big is your default swap file size set for? Could be trying to allocate more space if set to the default of "let windows manage virtual memory." If the default setting is in place, try using a setting of 256MB to start with. Make sure there's enough space in the partition first!
Further, is the default directory where documents are stored local or on a server? In either case, how many files are in that directory? If on a server, what's your network speed? Is there a lot of traffic on the network? You may want to create subfolders off the default directory and move the less frequently used files into one of those.
Hope these will pointa direction for you.