Staind,
Nope, not yet. I think there are some add ons for foreign language use, that does some grammatical stuff when translating, but I'm not sure.
Spyros,
Cool site. Thanks.
Bri,
When you install, there will be a page to set the defaults for the MS Office products in OOo. (Watch for it, it's easy to skip.) Do that. Then in Writer, there will be an option to set the default doc type to Word Documents. Do that, and you're all set. You can save everything manually everytime you save a document, but it's a hassle, and frankly, for now, I don't know anyone that uses the OOo format. Until MS recognizes it, it won't be used a lot.
The above instructions are available (and probably a lot more clear) on the OOo forum as a "sticky" if I remember correctly. A link to the forum is in an earlier post in this thread.
Good luck.