It depends on whether the sheet can be compressed.
The other answers all assume that the sheet has a constant thickness. If this is the case, then consider "folding" the paper in such a way that we don't care if the edge of the crease rips; i.e., we ignore the paradox demonstrated in Steven Stadnicki's answer. So our "folded" stack is really equivalent to cutting the paper into tiny rectangles and stacking them, as long as with each cut we separate every rectangle into two new rectangles (i.e. we double the number of rectangles each time). (This is a pretty loose definition of "folding," of course, but we're trying to reach the moon with a piece of paper, so that's hardly surprising.) If we use this definition of "folding", and we're able to perform the cuts at the atomic level and ensure that all the rectangles are perfectly stacked on top of one another, and the rectangles still have the same width as the original piece of paper (which is, at this point, a ridiculous assumption; see blah's answer), then yes, we'll reach the moon (as per Sabyasachi's answer).
If, however, the pressure created by making the folds (and cutting the paper into tiny rectangles and whatnot) compresses the paper so that it becomes less than ~0.1mm thick, then our exponent will no longer be valid. Say that during the cutting process, the cellulose fibers unravel somewhat, leaving only two layers of fiber. Since the fibers are 2-20 nm in diameter, let's say that the two-fiber-layer sheets are about 10nm thick. $2^{42} \times 10nm = 43,980 m$, which, according to Wolfram Alpha, is about five times the height of Mount Everest. Impressive, but only about 1.14% of the distance to the moon.