It's not clear whether you mean 'edit' the Excel file or reference a different one. Either should be possible.
If editing is liable to result in a change in cell addresses, it'd be best to name each cell and refer to the range name in the Word link. That way, the link will follow wherever the range name in Excel points to.
To use a different Excel file, you'd need to use Word's Edit Links function, which isn't normally visible. You can add its button to the QAT, or access it via File|Info.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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