Practically impossible, but you can try a program like Photoshop to edit the document. Or use freeware Irfanview to convert it to a bitmap and use Paint to edit it (it's possible that the XP version of paint will open a jpg, I don't know, but Irfanview is nice program to have anyway).
To transfer it to a word or notepad document, you need an OCR (Optical Character Recognition) program. If you have a scanner, you probably have one, otherwise the most likely option is to buy it. The results aren't too good, generally. If you're a fast typist, it might be the best way to just retype it.
Hope this helps.
If there is an jpeg image with text or any scanned document,how to edit the text or transfer it to word or notepad document?