Sure - Copy the chart, then in Word - Home Tab click the little triangle on
the Paste button, select Paste Special> Paste Link> MS Office Excel Chart
Object. Right-click the chart & select Update Link when necessary.
If you mean you want a link to both the chart & to the data it's based on
you have two choices:
a) Paste the data in as a separate Linked Object in the same way, or
b) Select the chart in Excel (before copying), on the Chart Tools Tab>
Layout Tab - Labels Group select one of the Data Table options to include
the data table in teh chart object. Then copy/paste as a link as above.

Signature
HTH |:>)
Bob Jones
Office:Mac MVP
> Is there no way of inserting an excel graph a linked object which is
> updated
[quoted text clipped - 10 lines]
>
> http://www.microsoft.com/office/community/en-us/default.mspx?mid=02ef49a3-193c-4
b2d-b173-4d2f1b256188&dg=microsoft.public.word.drawing.graphics