Please don't trash my software buying decisions while asking for assistance. There are many inexpensive books that would serve as tutorials better than a Help database.
As it has been done in Microsoft Office products since version 2000:
Select the text or object and copy it.
Go to the destination location and paste a link.
To find Paste Link in Word 2007: use the Paste drop-down to select Paste Special. Then choose Paste Link.