Here's a simple solution that works in Office 2013. You'll have to try it out to see if it works in 2007.
- Select all the elements you want by holdiing Ctrl and clicking each element
- Copy the whole thing and paste it back onto your word doc
- In the paste options selector choose Image
(Note that all elements will need to have their Wrap text (under Format) setting set to Infront of Text or Behind Text)
Once you've done this you can either copy the image and paste it to Paint.net, or better yet right click on it and select Save as Image, which allows you to save it as a proper image, in a number of formats, and means no loss of quality (assuming you go for PNG)
Here's one I made... well, just now:
I discovered that if you insert an image, and add a textbox, and try to select them both it won't allow it. Ensure that all elements have their Wrap text setting (under the format tab) set to In Front of or Behind Text. I've updated my answer accordingly.