Words have meaning. Anyone can accept or reject it. However to say it's 'open to interpretation' is like saying it's open to be misrepresented by everyone.
"Do you believe every single word is the literal word of God"
Yes
"Or is it open for interpretation?"
Its open for study. For me its not open to debate regarding its accuracy. I accept that the bible says its wrong to steal. I also accept that men are supposed to be the leaders although I would prefer to cruise FR and play computer games. Unfortunately, my wife has "taught" me that I should go do other things instead. :)
To say that it must be interpreted correctly is not to say that it is open for interpretation.
The Bible can and has been misunderstood. G-d is perfect but the Bible is written in language to be ready by people. People are not perfect.
Shalom.