Yes, although I would use
Mail Merge to change them in all of the documents instead.
You could bookmark the words in the source document and use an IncludeText field:
{ INCLUDETEXT "deleteme.docx" "test" \* charformat }
{ INCLUDETEXT "filename" "bookmarkname" \* charformat }
If you do not have the "\* charformat" switch you get source formatting.
These links do not update automatically.
You can use the Insert > QuickParts > Fields method to insert the field.
00 deleteme 1.png
Once you have it down, typing the field is quicker. Remember that the field-delimiter braces must be inserted in pairs using
Ctrl+F9.