Is there any way of running and compiling with known errors in the code.
Compiling? yes, running? No because the program has to be error-free in order to execute the code. There is no point in trying to execute a program that contains compile-time errors. How do you expect the compiler to generate executable code when the source code is crap?
Do you really need references to both versions of word at the same time? If you have the reference to word 2010 just test your program on a computer that has word 2008 installed on it.