Using the Package command in InDesign would not do what you want to do.
But InDesign has Content Collector and Content Placer tools which do. Read about them in the Help document:
Every document in which you have placed that InDesign document would change. I do not recommend that type of workflow at all. You could try the content collector tools as Steve as said or look into linking content via InCopy.
Without knowing more about the workflow it's harder to recommend the right thing than it is to eliminate the wrong ones.
Thanks for your comments guys,
What happens is, we have many documents (instruction manuals) which have the same sections in them.
Some sections like the warranty sections are the same throughout.
What I'd like to do is use one document to update all of them.
What is the differences between linking in Incopy and linking in InDesign?
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The InCopy workflow would make more sense if your documents started out outside of InDesign (like Word docs).
If you already have InDesign files, the Content Collector and Content Placer tools would make more sense.