How can I get a free graphic online catalogue illustrating the type
faces included in Adobe Photoshop and Microsoft word?

I don't know if you are talking about Windows or Mac system. In
Windows, there is a Fonts folder that holds all the fonts you can use.
Any program that uses fonts, like Word or Photoshop, will look in this
directory to see which fonts you have. You can add fonts to the
directory, and they will then be available for use in your programs.

You can get new fonts either by buying them commercially or by
downloading freeware fonts.

Here is an example of a freeware font site:
http://www.larabiefonts.com

And here is the font FAQ, which is very comprehensive:
http://nwalsh.com/comp.fonts/FAQ/

Rasterizing text is what you are talking aobut. This can be done
within Photoshop.

Use the "Type" tool from the tool menu (or press "T"). Use it to
create the text you wish to rasterize. Select the layer you wish to
modify, by highlighting the layer in the layer window. Right click on
the layer name, then select "Render Layer" or "Rasterize Layer".

There you go, you have a free image of the font.

i use a mac.

a program called TYPESTYLER manipulates fonts by playing with sizes
and shapes. its great. i dont know if its available for pc's.

i also use atm deluxe. a great font database program that lets you
view, pick and choose --to use in programs such as illustrater,
photoshop, word, flash..etc.