I just tried this with the same version of FM and Excel (2010; 32-bit) and it seems to be working fine for me. I can update the spreadsheet and the updated contents are properly reflected in the imported linked images in FM - no crashes witth multiple open/close cycles and edits.
I've tried both the Paste > Linked Microsoft Excel Worksheet Object and the Paste Link > Linked Microsoft Excel Worksheet Object from 2010 .xlsx files and older .xls files with identical results.
Which point version of Excel are you using (I'm at 14.0.6132.5001)? Have you installed all of your MS Office patches?
It sounds like there may possibly be something else in your installation that is interfering with the OLE linking in FM - perhaps overly aggressive anti-virus software? Also, have you placed the Excel workbook(s) in a "trusted" location and/or enabled data connections using the Trust Center in Excel?
User responses have shown that FM's OLE handling has always been somewhat flakey, so you might want to consider a two-step approach if you need to import specific regions of various spreadsheets. First, in Excel create a linked workbook/file to the region in the specific spreadsheet, then save the file with an appropriate name (e.g. subset_of_workbookA.xlsx). Finally, in FM, import by reference the linked subset Excel file. A bit of an obtuse way to do this, but this might bypass any OLE gremlins with FM.