Did you delete duplicate fonts installed by Office 2011?
See Font Management for help:
http://www.officeformachelp.com/office/font-management/
Remove these files:
1) Quit all Microsoft applications.
2) Track down all instances of pre-2011 Normal template on your computer, and drag them to your desktop.
- Office X: The Normal file is located in the "Templates" folder in your "Microsoft Office" folder.
- Office Word 2004 moves the Normal Template to live in the Microsoft User Data folder by default.
3) Find and drag the file Normal.dotm to your desktop. Unless you have moved it, it should be in
~ /Library/Application Support/Microsoft/Office/User Templates/
4) Drag the entire Microsoft folder to Desktop from
User/Library/Preferences/
5) Now re-start Word 2011 and it should be OK.
Lastly, testing in a new User will quickly tell you if the problem is system wide or if it's your User's folder that contains the problem.
CREATE A NEW USER
Go to System Preferences --> Create a New User in Accounts. Switch to the New User by logging out/in or use Fast User Switching.
Open Word. The first time will be slow as it builds cache files. Then see if there is an improvement on launch time.