which version?
this might not be what youre looking for but here it is anyway..
word 2007 has a book mode.. "page layout" tab on the ribbon -> hit "page setup" hit "margins" tab and look in the "multiple pages" drop down list and choose "book fold" and how many sheets in book (or "auto") then make sure "manually collate" is checked in the printer dialog box (for my HP).. it will print one side, tell you to flip and feed the papers back in and print the other side.
EDIT: the document I just printed didnt have any special columns or magins set in it, i just grabbed a report and printed it in book fold mode and it came out fine. 2 sheets, front and back, foldable in the middle.