You can, of course, use a no-frills approach to getting text and slides from a PowerPoint presentation into your Word documents. Simply use the standard Copy and Paste commands. If you go this route, your pasted data maintains no link to the source data in the PowerPoint presentation. If you want to get a little fancier, try one of the other options described here.
If you want to export a PowerPoint presentation to a Word document, you can paste your slides and notes into the Word document as embedded or linked objects. If you embed the slides, they are not linked with the original presentation. When you double-click one of the slides, the PowerPoint interface appears in the Word window. In contrast, if you link the slides, double-clicking one of them in the Word document opens the source slide in PowerPoint. If you edit the slide in PowerPoint, you can tell Word to update it.