Řešení od MS:
http://support.microsoft.com/kb/906306

A z jiného zdroje:

In Word XP (2002), "Backgrounds" are used for web pages, and won't print. "Watermarks" are used for printed documents. A watermark, however, can be a graphics file, that is, essentially a background.

If you have your document in Web Layout view, you can't get to Watermarks. Switch to Print Layout to get to Watermarks (backgrounds still won't print, though).

To get to watermarks click on the Format->Background->Printed Watermarks menu item.

Also, be sure to set Drawing Objects to print this way:

1. Click the Tools->Options menu item.
2. Click the Print Tab.
3. Under Include with Document, check the checkbox for Drawing Objects.
4. Click OK.

Hope that helps.