Text effects in Microsoft Word 2010

"Text Effects" has a new meaning in Word 2010.  If you mean blinking text, marching ants, etc. then used Graham's suggestion.

If you mean "Text Effects" for Word 2010. Then Home tab>Font>Text Effects (bottem row, third from right)

There is no built-in method with Word 2010, buy you can do so with a macro

Sub AnimateFont()

Dim sAnimation As String

    If Len(Selection.Range) = 0 Then

        MsgBox "Select text first!", vbCritical, "No Text Selected"

        Exit Sub

    End If

    sAnimation = InputBox("Which animation? Enter the number: " & vbCr & _

                          " 1. Blinking Background" & vbCr & _

                          " 2. Las Vegas Lights" & vbCr & _

                          " 3. Marching Black Ants" & vbCr & _

                          " 4. Marching Red Ants" & vbCr & _

                          " 5. Shimmer" & vbCr & _

                          " 6. Sparkle Text" & vbCr & _

                          " 0. None", "Font animation")

    Select Case sAnimation

        Case 1: Selection.Font.Animation = wdAnimationBlinkingBackground

        Case 2: Selection.Font.Animation = wdAnimationLasVegasLights

        Case 3: Selection.Font.Animation = wdAnimationMarchingBlackAnts

        Case 4: Selection.Font.Animation = wdAnimationMarchingRedAnts

        Case 5: Selection.Font.Animation = wdAnimationShimmer

        Case 6: Selection.Font.Animation = wdAnimationSparkleText

        Case 0: Selection.Font.Animation = wdAnimationNone

        Case Else:

    End Select

End Sub

See http://www.gmayor.com/installing_macro.htm

But  note that the new Word 2010 Text Effects will not be available in documents created and saved in previous versions, only those that are in Word 2010 .docx format. That means that even Word 2007 .docx documents (which will open in Compatibility Mode) can't use them.