How to embed document stored in SharePoint into Word 2007 -

I am familiar with embedding documents in the Word 2007 document, as long as they are stored in the file system. The one I am trying to accomplish is to embed the Word document that is stored in a SharePoint repository but I can not see any way to do this.

There are many sub-documents I have that will be assembled, a big document (contracts appear, though they are not) All files are maintained in our SharePoint site (let's go with WSS 3.0 ) Instead of duplicate versions of content contained in sub-documents, I want to embed my copy once and to embed the docs in my main document. Do not want Mbed because I want to be able to update the changes to the embedded sub-docked.

Is it possible and, if so, how?