As far as I know, there is no nice answer if the word can have repeated letters.
For any multiset $M$ of letters, let $P(M,k)$ be the set of $k$ letter words you can make using letters of $M$. For example,
$$P\big(\{A,A,B,C\} , 2\big)=\{AA,AB,AC,BA,BC,CA,CB\}$$
If $M$ consists of $m$ distinct letters, then $|P(M,k)|=m!/(m-k)!$.
Assuming you can compute $|P(M,k)|$, then you can compute the rank of a word $w$ in $P(M,k)$ has follows. Let $\ell$ be the first letter of $w$, and let $w'$ be the word obtained by removing $\ell$ from the beginning of $w$. Then
$$
\text{rank of $w$ in $P(M,k)$}
= \left(\sum_{a\in M,a<\ell}|P(M-\{a\},k-1)|\right)
+\text{rank of $w'$ in $P(M-{\ell},k-1)$}
$$
The first summation ranges over all letters $a$ in $M$ which are alphabetically before $\ell$, and $M-\{a\}$ means you remove one copy of $a$ from $M$. This is a recursive formula, so you need to apply the same formula to compute the rank of $w'$, and then apply this to $w''$, etc.
Edit: To explain why this is true; for each $a<\ell$, $|P(M-\{a\},k-1)|$ counts all of the words in $P(M,k)$ which start with $a$. These all come before $w$, so they increase its rank. The recursive part is comparing $w$ with the words in $P(M,k)$ that start with the same first letter.
Unfortunately, there is no simple "formula" to compute $|P(M,k)|$. This problem gets asked a lot: see Permutation Problem: Select m objects from n ones of r types by sampling without replacement and the linked questions in my comment for some discussion.
Example: Let $M=\{A,A,A,B,C,C\}$, and say you want to find the rank of $CBA$ among all three-letter words made of the letters of $M$. Then
\begin{align}
\text{rank of $CBA$ in $P(AAABCC,3)$}
&=
\overbrace{|P(AABCC,3)|}^{\text{remove A}} +\overbrace{|P(AAACC,3)|}^{\text{remove B}}
\\&\quad+ \text{rank of $CBA$ in $P(AAABC,2)$}
\\\\
\text{rank of $BA$ in $P(AAABC,2)$}
&= |P(AABC,3)|
\\&\quad+ \text{rank of $A$ in $P(AAAC,1)$}
\\\\
\text{rank of $A$ in $P(AAABC,1)$}
&= 0^{\quad\text{no letters before $a$, so this is empty sum}}
\\&\quad+ \text{rank of $\varnothing$ in $P(AAC,0)$}
\\\\
\text{rank of $\varnothing$ in $P(AAC,0)$} &= 1^{\quad\text{since length is $0$, only word is empty word, which has rank $1$}}
\end{align}
Finally, you get the rank of $CAB$ is $|P(AABCC,3)|+|P(AAACC,3)|+|P(AABC)|+1$. Again, to compute these sizes, look at the links I mentioned.