I want to convert a gif file to Word in editable format where I can edit the text in image file. My OS is Windows XP.
You can try more or less any OCR software, but if the resolution is low (e.g. a GIF which si the size of the screen or less) then you might want to try Abbyy Screenshot Reader, which in my experience gives very good results.
GIF to Word OCR Converter
It is simple. You just have to turn on file extensions, which you can learn how to here: http://www.fileinfo.com/help/windows_show_extensions.
Next, go to the file and make a backup copy by copying and pasting on the same directory.
Next, change the file name from [filename].gif to [filename].txt or [filename].docx. If you want to convert text on the image file to something editable, you may need an OCR. You can find one here: http://www.aostsoft.com/aostsoft-gif-to-text-ocr-converter.html
Note that Aostsoft has a no Web of Trust rating and no reviews. This does not mean that the software is malicious, but it should be treated with caution.
You can try other software here: http://www.makeuseof.com/tag/top-5-free-ocr-software-tools-to-convert-your-images-into-text-nb/