It is fairly straightforward and works best with ranges which the recorder doesn't use:
Code:
Sub AddEmphasis()
Dim oRng As Range
Set oRng = Selection.Range
If Len(oRng) = 0 Then
MsgBox "Nothing selected", vbCritical
GoTo lbl_Exit
End If
With oRng
'avoid inadvertently selected spaces at start and end of the selection
.MoveEndWhile Chr(32), wdBackward
.MoveStartWhile Chr(32)
'make selection bold
.Font.Bold = True
'add parenthesis and quotation marks
.InsertBefore Chr(40) & Chr(34)
.InsertAfter Chr(34) & Chr(41)
'optional remove bold emphasis from parenthesis and quotation marks
.Characters.First.Bold = False
.Characters.First.Next.Bold = False
.Characters.Last.Bold = False
.Characters.Last.Previous.Bold = False
End With
lbl_Exit:
Exit Sub
End Sub