Macros are simple instructions following your key strokes.
How to Create a Microsoft Word Macro: http://www.homeandlearn.co.uk/mw/s10p2.html
Video - http://www.youtube.com/watch?v=elAKdQQ75Ug
Once you have started the macro tool, named it, assigned the shortcut key, you can start recording the keystrokes that makes text an hyperlink.
Word: how to make text an hyperlink:
Create, format, or delete a hyperlink: http://office.microsoft.com/en-us/word-help/create-format-or-delete-a-hyperlink-HA010165929.aspx
Video: -http://www.youtube.com/watch?v=4bs1DtSnpfw
Making Text “Hyperlink Blue” in Word 2010: http://ectdtips.com/2011/04/making-text-hyperlink-blue-in-word-2010/
Create a Hyperlink In a Word 2007 Flow Chart & Hide Annoying ScreenTips: http://blogs.howtogeek.com/mysticgeek/2009/02/10/create-a-hyperlink-in-a-word-2007-flow-chart-hide-annoying-screentips/
How to Turn Text into a Hyperlink in Microsoft Word: http://www.ehow.com/how_4457006_turn-text-hyperlink-microsoft-word.html
Just don't forget to start/stop your recording. :P
Ron