Switch between 'fieldcode view' and 'result view' (these aren't the official terms, I'm sure, but you'll see what I mean if you do it) with shift-f9. First select the whole document with ctrl-A.
In my Word 97 (don't know about 2003, I'm sorry) it's a setting in Tools>Options. Go to 'View' tab (the first) and check/uncheck 'Show field codes'. I don't think it disappeared in 2003; probably it's the only setting you didn't yet try :-).
Here's some info on this settings screen: http://www.bettersolutions.com/word/6122425992220212129512162112245/6122425999101021212214120421813.htm
That's a 'bettersolution' indeed, I would say.
I bought a new NEC Versa 6000 laptop with Office 2003 recently. Unfortunatly it won't read any of the Word documents from my desktop.
ALL the hyperlinks and pics appear like this
and photos appear as
Both have Word 2003 with the latest updates. They appear normal on my desktop but not on my laptop. I tried asking a local tech and while he couldn't fix the problem, i can now see the word document properly by using 'web page preview' from the File drop down menu in word.
But that's a work around. Anyone with a solution? I think it's a setting somewhere that i haven't clicked! It's driving me quite mad.