There are some Mac-oriented options available, BUT you will loose all formatting. What I can offer you is text recovery only.
If you can get a copy of BBEditLite 6.1.3 for Mac OS X, or any BBEditLite for that matter (O'Reilly, the publisher of computer books, does have a copy on their website for download), drag the Micro$oft Works file on the BBEdit icon (either on the Desktop/ in the Applications folder or the BBEdit icon in the Dock). BBEdit will allow you to view the text, but there will be garbage text present in various places. You can copy and paste the text to a new document for reformatting.
Another option is to open a terminal session, and navigate to the directory where the Microsoft Works file is located. In the command line, type: view [name_of_file] and be sure to include the file extension. View is the "text viewer" portion of the Vim unix/command line application; it will not allow you to modify files. You can copy and paste the text to a new document for reformatting.
The best option is to get a hold of a Borg machine (Windows) with the latest Borg Office and convert the file directly to M$ Word format or RTF. I did this recently for a letter of recommendation my previous employer wrote on my behalf for a recruiter.
Hope this helps.