Hi nosremark,
Whichever way you embed an Excel Workbook, as opposed to linking to it, you always get the entire workbook. You can, however, decide which bits are visible.
When you link to a workbook, quite obviously, Word has to know where to find the source. That's why the path is included. Since the problem is that the links are being updated when the users you send the Word file to open it, you could have them turn of the automatic link updating option under Tools|Options|General and, perhaps, the update links option under Tools|Options|Print.
If you don't like either of those approaches, you can create an embedded Excel workbook within Word, then use Excel's std linking formulae to link only the required cells to the original workbook. In some ways, that's the best of both worlds - an embedded object that contains only as much as is needed and uses links to allow periodic updating from the source.
Failing all of the above, if you're prepared to keep the Word and Excel files in the same folder and distribute them together, I could provide a Word macro that would automatically update the links whenever the file is opened. This, of course, would depend on security settings etc allowing the macro to run ...
Cheers