Can I make an online newsletter in Word Format and then send it so it
opens in people's emails just the way it looks in Microsoft word? 
How?  In this can I have hyperlinks to websites?  Also, I need a box
at the bottom of the email that people can check if they no longer
want to receive the newsletter.  How do I do this?

If I were you I'd would probably convert the word document to PDF. 
Then, you would be able to ensure that whoever saw it would see it the
way you made it.  To create PDFs you can use this free software which
basically creates a printer that you can choose when you print the
document that will save it as pdf:

http://sector7g.wurzel6.de/pdfcreator/index_en.htm

PDFs support hyperlinks to websites.

The box at the bottom of the email is a pretty tricky matter.  You may
want to use a mailing list manager service that will do this for you. 
I'm not very familiar with these services, maybe someone else can add
a comment with some suggestions in this area.

"The box at the bottom of the email is a pretty tricky matter"

Could you put a hyperlink to the return email address and ask the
person to put "Unsubscribe" in the subject line?