You cannot rotate a Text Box in Word 2003. Try using Auto shapes or WordArt if you want to rotate it.
You can try the following work around to rotate a Text Box and check if it helps you.
1. Create a text box.
2. Then right click on the border, and choose "copy."
3. On the edit menu, click "Paste Special" and paste it as a picture.
2. Insert a WordArt into the text box
Now you would be able to rotate not only the text box but also the text within it.
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