Microsoft Word is hugely popular application software used for basic word processing and doing other functions like formatting, editing, printing etc. Since it is a Microsoft product, it comes with a price tag.
In case you want to save some money and have the similar functionality of MS Word, then you can try any of the following FREE Word processing option.

1. OpenOffice:OpenOffice.org is a multiplatform and multilingual office suite and an open-source project. Compatible with all other major office suites, the product is free to download, use, and distribute. It comes from Sun Microsystems and is considered best among free Word processing options. Download
2. EasyOffice:EasyOffice+PDF Filter is an office suite compatible with Microsoft Word and Excel and Adobe PDF files. The download also includes EasyAntiVirus, which you can install if you don’t have an anti-virus program. Unlimited anti-virus updates are offered at no extra charge. Download
3. UltraPad:Ultra-Pad is A Cool Freeware Advanced Skinnable Word Processor Application For Windows 95 and later. It Features some of the most advanced Features you would ever Want in a Word Processor, Some of the features you won’t even find in Microsoft Word. Download
4. Jarte: A free word processor based on the Microsoft WordPad word processing engine built into Windows. Fast starting, easy to use word processor that expands well beyond the WordPad feature set. A small, portable word processor whose documents are fully compatible with Word and WordPad. Download
5. IBM Lotus Symphony: IBM Lotus Symphony Documents allows end users to create, edit, share, and save word processing documents. Users can start with a blank document, import an existing document, or choose from a set of document templates. Standard navigational elements include toolbars, an editing window, and a status bar. Download
Above were 5 best free word processing software. Personally I prefer Open Office, however each of them is good and have their unique advantages.

Atlantis Nova is the free version of atlantis. I use it all the time for quick notes. there are several places you can find it to download.
You should have a look at SSuite Office for a free word processor. It has almost all the features of Word, and looks and works the same. {except for the ribbons}. Their word processor is called WordGraph.
It is only 12 MB in size. Nice and small
. Their software also don’t need to run on Java or .NET, like so many open source software, so it makes their software very small and efficient.
ssuitesoft.com
DevVicky Word is also an option. It includes docx editing and pdf import/export etc. Plus it is completely free
To J-M vella try devvicky word
PolyEdit (for just a few bucks) or PolyEdit Lite (freeware) are among the smallest, fastest, and most capable MS Word substitutes I have found. I’ve never had it hang, and there aren’t many word processing tasks it can’t handle. With that said, Atlantis is a bit larger, a bit more capable, and a bit more expensive, but a very capable word processor. At one time there was a free version, but I think no longer so.
Don’t think you’ll be disappointed with either of the above.
Imo
J-M Vella: try Abiword, it’s free and takes very little space. You can find templates for it online:
abisource.com/
If you don’t need Tables or Indents, you can try ATLANTIS word-processor free for 30 days, then it’s 35 USD:
Or, you can try this little cute one: Angelwriter:
angelicsoftware.com/en/angel-writer.html
Vella,
If you are looking for just a Word Processor, AbiWord works great. The site it:
http://www.abisource.com
Enjoy.
@Vella, MS Office is best option in terms of speed and compatibity…provided your computer has decent hardware configuration.
Incase you want hassel free Office alternative, you can try our online suites like:
http://www.tothepc.com/archives/sabeers-live-documents-challenge-google-microsoft/
http://www.tothepc.com/archives/now-work-with-microsoft-office-documents-online/
Remember, you will need a good speed internet connection to work with above smoothly. Personally, I always use MS Office offline and Google Docs online.
I came upon your page looking for a small word processor to put on my Asus Eee. Looking at the software I have installed on my desktop, I find the Open Office appears to take 401 MB and MS Office to take 81.6 MB. This based upon a quick execution of TreeSize. It appears that there is a hefty price to pay to use your favorite.
I’m not looking for a free alternative, only a small, fast one. With that as the primary criterion, what would you suggest?