I often get client files in which images are embedded in the document and need to be edited. Thanks to Devin King I found a way to do it! If you use a Mac and have iWork here's the process:
1) Open the Word document in Pages.
2) Save the document as a Pages document.
3) Now, change the file name extension from ".pages" to ".zip"
4) You will be asked to confirm this change. Select "Use .zip"
5) Now Control-click or Right-click on the newly compressed file and choose "Open With" and select "Archive Utility"
6) A new folder will be created that will contain all the images and more extracted from the document.