Remove all hyperlinks form word file at once:

Select all text by pressing Ctrl+A and then press Ctrl+Shift+F9 all hyperlinks will be removed at once.
The links color and formating will not change you need to do it using Clear Formating command.

The simpliest way to remove hyperlinks from copied and pasted internet text is to paste the copied text into Notepad first, recopy and then paste into word file.