Hi Ron,
This is one of those cases where more is more <g>. ie your question lacks some finer detail, so I'll make some guesses and you can correct me if I'm off track.
I presume by "in place" you mean "in a browse" ? as "edit in place".
Sure that's possible, just tick on "Allow Edit" on the "Edit" tab.
For the field type, sounds like you want a DROP, which you can then prime from a file, or from the template options there etc.
cheers
Bruce