My tome on MS Word 6 describes this as creating an OLE link:
1. Open the source application and copy the text, graphics or other material into the clipboard.
2. Switch to W f W.
3. Place your insertion point where you want the information to be located and select Paste Special from the Edit menu.
4. Select Paste Link from the Paste Special dialog box to establish the link.
5. If you have a choice, select the application that you want the linked object to be connected with, in the As box.
This, apparently, establishes the link and ensures that it updates if any changes are made subsequently.
Hope it helps.