Look through these samples/templates of newsletters and see if there is something you might like. Notice there are four pages of examples. These can be done in Word. Just select a sample and substitute the text and images for what you need. Also, see the other marketing material and samples that might be helpful.
HP Creative Studio Newsletters
HP Creative Studio for Business
HP also has a link for Creative Projects at Home. http://www.hp.com/hho/hp_create/
Here is a link to Microsofts Templates for newsletters. Most of these can be done in Word. Just choose the one that uses the version of Word you have.
I have used an Epson Stylus Photo 1400 printer. With the right paper, I have printed larger documents that came out much better than those from the office supply store. This printer prints on 11x17 paper. I have had it for a few years now. You may see a newer model available.
Here is the link to Epson wide format printers.
When you insert an image, select the image, choose to format it, select Layout, then choose Square. This way, you can move the picture around without messing up your text.