No, you won't lose them, they will have been saved in your Documents folder and that isn't affected, even if you were to uninstall the software completely.
Although it would not be affected, If you do not have backup copies of those "precious docs", I would suggest to back them all up first to be safe. Not just for the Word upgrade on-hand but for future recovery.
Thank you very guys - I have no idea how to back-up things but I'm sure there's an on-line tutorial somewhere, on here I bet!! Cheers to all who have commented - Love Dee x
Actually they save as .docx which I guess is the same - I had real problems sending these docs to a friend with full word & sharing with Skydrive - can't wait for full version, no more hassle I hope