There is a tool for that. I'm browsing now to find that tool... . here it is: 'mswordview'. Let me download and try.... oh, new projectpage here. Looks nice, there should be HTML 4.0, LaTeX, plain text, PS, PDF output.... compiling/testing (oh you only need wv, skip the libwv)
On a glance the output is decent HTML. The authors claims W3C HTML 4.0 compliance. Methinks that 'wordview' is the way to go.