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Absolutely you can! Just go to Text from Get External Data group. Select Importing data right click and click Refresh to get updated data from that file.
Yes it would be possible as long as the data is well organised in columns and rolls; it would be the same as linking workbooks.
From Data menu select From Text from Get External Data group. After importing data right click anywhere in data table and click Refresh to get updated data from that file.
Yes, i think it is possible if we linked the files to each other.