Hello Greg,
in general, context is evaluated in speech synthesis. However, the "bow" example is not well covered with context for speech at this time. Translation is phrase-based, so the context will have a significant impact. The translation depends on having seen
the phrase in the real world. Say "bow and arrow" has a higher chance to produce the hunting term for "bow" than the waist bend.
Examples:
Hunting with bow and arrow.
He made a deep bow.
Chris Wendt
Microsoft Translator