Presuming you have the original CD of an ordinary home Word version, go with the peanut.
If you haven't got the CD you need to get hold of one. Take note of spacechimp's advice.
I suspect you may be asking if it is feasable to take the Word program from your old computer and install that on your new one. I am afraid that is not possible for ordinary people like us. When installing a program it puts all sorts of information in hundreds of different places in your Windows Operatinmg system. They can not normally be retrieved.