Hello Bluephoto,
I'm sorry this would not be something available out of the box with Project. There are custom fields in Project that can display a list of values and you may import a list from other project files, but importing and updating in real time would have to be coded.
If you have skills in programming, you may get some pointers from the Microsoft forum on customization and programming at:
http://social.technet.microsoft.com/...stprog/threads
Julie