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Tip: Add the Microsoft.Office.Interop.Word assembly to your project. Go to Project -> Add Reference.
Next: We loop through the Words collection and read the Text property on each element. We then display and call Quit.
Word document: word.doc
One
Two
three
C# program that uses Microsoft Word interop
using System;
using Microsoft.Office.Interop.Word;
class Program
{
    static void Main()
    {
        // Open a doc file.
        Application application = new Application();
        Document document = application.Documents.Open("C:\\word.doc");
        // Loop through all words in the document.
        int count = document.Words.Count;
        for (int i = 1; i <= count; i++)
        {
            // Write the word.
            string text = document.Words[i].Text;
            Console.WriteLine("Word {0} = {1}", i, text);
        }
        // Close word.
        application.Quit();
    }
}
Output
Word 1 = One
Word 2 =
Word 3 = Two
Word 4 =
Word 5 = three
Word 6 =
So: In Interop.Word, a paragraph is made up of a collection of one or more words.
Note: It is important to iterate on Words from 1 to Count inclusive. Correction suggested by Robert Ford.