Sub SelectHighlightedText()
' Paul Beverley - Version 05.09.11
' Selects all text in a given highlight
nowTrack = ActiveDocument.TrackRevisions
ActiveDocument.TrackRevisions = False

' Find beginning to the nearest word
nowCol = Selection.Range.HighlightColorIndex
wasEnd = Selection.End
Do
  Selection.MoveStart wdWord, -1
  Selection.MoveEnd wdWord, -1
Loop Until Selection.Range.HighlightColorIndex <> nowCol
Selection.MoveStart , -1

' Find beginning to the nearest character
Do
  Selection.MoveStart , 1
  Selection.MoveEnd , 1
Loop Until Selection.Range.HighlightColorIndex = nowCol
startHere = Selection.Start

' Find end to the nearest word
Selection.Start = wasEnd
Selection.End = wasEnd
Do
  Selection.MoveEnd wdWord, 1
  Selection.MoveStart wdWord, 1
Loop Until Selection.Range.HighlightColorIndex <> nowCol
Selection.MoveEnd , 1
' Find end to the nearest character
Do
  Selection.MoveStart , -1
  Selection.MoveEnd , -1
Loop Until Selection.Range.HighlightColorIndex = nowCol
Selection.Start = startHere

' Now do to the highlighted text whatever you want
' For example...

'Selection.Range.HighlightColorIndex = wdNoHighlight

'Selection.Font.Italic = wdToggle
'Selection.Start = Selection.End
ActiveDocument.TrackRevisions = nowTrack
End Sub