I would like to create a text object (frame?) that can be place many times throughout my document at random positions, but edited from one place that changes all of the objects placed. Kinda like an Illustrator symbol or a indesign master. Forgive my newbieness, is there this ability in InDesign?
It's an excellent idea, but it doesn't exist as such in CS5.5 -- at
least not for objects that you create within InDesign.
However, you can obviously create any graphic in Illustrator (including
text naturally) and if you place that many times in InDesign then you
just need to update it once in Illustrator, update your links in
InDesign, and it will be updated throughout the document.
i think indesign snippets will help you... check the help files.... too much to write here.