It is possible to change and assign shortcut keys to the existing toolbars and menus as well as your own macros.
Select the Keyboard button at the bottom of the (Tools > Customise) dialog box.
When you add your own keyboard shortcuts make sure you do nor overwrite any of the existing keyboard shortcuts
If a command is already being used by a command then this is indicated
For example if you tried to assign the shortcut key (Ctrl + O) to a command then it would indicate that this already assigned to the FileOpen command.
Try and use the Alt key for your own custom shortcut keys because a lot of the Ctrl key combinations already exist in Word.
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