Out of the box Alfresco doesn't provide facilities for injecting metadata into a file, although implementing that as an extension probably wouldn't be too much effort - it could be implemented as a custom action for example. I suspect the biggest challenge would be the raw file format handling logic, and for that I'd look for an established library to do it for me - perhaps the OpenOffice API (http://api.openoffice.org/) or Apache POI HWPF (http://poi.apache.org/hwpf/) (although HWPF appears to be in a holding pattern at the moment).
I'm not sure if it can put metadata into the ms word properties or the status of the project. If so, thats is only the first step. Next you would have to link your properties to word fields, there is a built in function for that. Problem is that it may not be updated automatically. Either there is an option in word for that (cannot remember, long time since using ms word now) or you will have to write some code to take care of that.