Yes. In Word. Then use the import options to keep formatting and if you wish use the options in that dialog to map Word-styles to your InDesign-styles.
Or in any other text processor: use Tagged text (like "<pstyle: Head>") and save as plain ('ASCII') text.
Search the InDesign Help files for more detail.
Thank you very much for the reply. Checked the details and it looks like the functionality is very similar to Ventura's tagging language. Since this functionality appears to be available, I have another question related to linking pretagged files with these paragraph tags. We use Microsoft Access to generate numerous monthly reports which we have traditionally presented through Ventura Publisher. They are ASCII files which are pretagged with Ventura paragraph tags. Rerun the reports to the same folder on the harddrive referenced in the Ventura document, and the Ventura document is automatically updated--Microsoft's old OLE functionality. From what I've been able to determine, this works in Indesign in a similar way, but there is no way to have the links update automatically. When I open the Indesign document, I will need to go to each file and manually sync. Is this correct, or is there a way to have this done automatically when you open the Indesign doc? Thanks again.
If you have set the preferences so that InDesign links placed text then when you open a InDesign document it will tell you there are outdated links you can update, just click on the Upfate Links button, you can also always use the fly out menu from the Links Panel and there choose Update All Links at any time.
But... You may also care to have a look at the InCopy workfliow with InDesign!