No. But you can use AutoCorrect or AutoText for this function. AutoText is
probably going to be easiest. Let's say that you want to regularly use a
long phrase, for instance, "BASIC language source code file". Type in BASIC
language source code file, select it and press Alt+F3 which opens the
AutoText Dialog. Now assign it a sensible shortcut code: baslan would seem
appropriate! Note at this point the AutoText will be saved by default in the
global template (normal.dot); if you need the shortcut to be 'portable' so
that other users can use it, save it to the template the document is based
on. Then any user opening a new document from that template will have the
associated AutoText available.
To use the AutoText, just type in
baslan
and press F3. Word will automatically expand baslan to the BASIC language
source code file. You can do this for any block of text you want. But you
need to be sure that the abbreviations are obvious, are at least four
characters long and dissimilar to other abbreviations.