A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
Chitrahaas is correct, PowerPoint isn't able to do this. At least not on its own.
At one point, in conjunction with one of MS' other products ... SharePoint, perhaps ... there was the idea of slide libraries, and if you had a slide from one of the libraries in your presentation, PPT would warn you if the source slide had been updated and let you choose to update your copy to match. For some reason, that feature's been removed.
But there are also dozens of third party slide library-type programs, and I'm fairly sure that some of them will do automatic updating. It'd be worth asking Google.