"Paste as Hyperlink is under the Edit menu (2003). I found out that if you
don't save your document - the Paste as Hyperlink is not available. After
you have saved, magic.... it's available. Weird.
FWIW, the same command in Word 2007 (Home tab | Paste | Paste as Hyperlink)
also seems a bit unpredictable. Sometimes it is greyed out, and sometimes
not, even if the clipboard clearly contains a hyperlink. Saving the document
seems to help, but it doesn't always fix the problem.
What happens if you just make an ordinary paste? Then does it work
correctly?
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