You can make the search much faster, and the overall runtime about twice as fast by creating the regex once and reusing it:
var rx = new Regex("\bword\b", RegexOptions.Compiled);
while ((l = r.ReadLine()) != null)
if (rx.IsMatch(l))
break;
Otherwise, you will not gain much improvement, because most of the time is spent loading the file from disk (at least for me - you would see a bigger improvement with a faster drive). The results on a big file I created and put the sought word near the end:
Your code 1526 ms
My code: 762 ms
No code (empty while ((l = r.ReadLine()) != null) loop): 597 ms
As you can see, merely reading the file already takes almost 600 ms.
Now, if you could load the file once, keep it in memory, and just do the search when needed - then a regex should be reasonably quick (~100 ms in the above situation). If you are searching the same file many times, this would be a good idea.