First I had to go to Google to find out what DjVu is -- it's a
compressed graphic format for display of documents, similar in purpose
to PDF.
The answer to your question is no, Word can't directly read a DjVu
document. You need to use an Optical Character Recognition (OCR)
program to convert the graphical pictures of characters into editable
text. For one commercial application that has this function, see http://www.lizardtech.com/solutions/doc/doc_ocr.php. There may be
others.