You can create alias to your programs, but first this is how you open it.

% open -a Microsoft\ Word

now, that seems a bit long, and you need to have the "\" as the application is named that way in the applications folder.

Alternative:
% vim ~/.bash_profile
alias word 'open -a Microsoft\ Word'
alias photoshop 'open -a Adobe\ Photoshop\ CS\ 2'

save that file,
then source it or relaunch your shell
type:
% word

that should do it...