A family of Microsoft word processing software products for creating web, email, and print documents.
Right, I missed that (it was late at night <grin> ) . It was a function I was warned against using.
MS has fundamentally changed what it calls 'versions'. The 2003 version of versions <grin> is gone. 2010 has a new feature called versions but it does not allow you to do any labelling / commenting.
So to confirm, to get all of the functionality you are looking for you will have to go with a 3rd party tool. It is generally called "version control" software. It allows you to "check in" files, along with comments, and to "check out" files either for read only or "locked" for editing. They are generally aimed at "text" file formats, where it is easy for them to append lines with version info and comments.
You can do something similar using "Custom Properties"
Turning On Property Information Prompting - word.tips.net/T001708_Turning_On_Property_Information_Prompting.html
Controlling Document Properties - http://word.tips.net/T000985\_Controlling\_Document\_Properties.html
Another thing you can do to provide crude version control is to append either file version numbers or date/timestamps to file names. I've got examples of macros that can do that if you want more info.