How can I import a PDF or Word document w/graphics and edit the images and text?

It is not possible to deposit the Word Document in ILLUSTRATOR in this way. However, you may be able to make partial editing by saving the word document in PDF and opening the PDF document in Illustrator. InDesign works better with the World document.

The PDF can and should be edited in Acrobat Pro DC, not Illustrator.

Here's a video about editing PDFs: http://www.jeffwitchel.net/2015/08/edit-pdfs-like-never-before-in-acrobat-dc/

Hope this helps!

If you need to edit in Illustrator or InDesign, then the initial layout will need to done in the program you want to edit with. 

A Word Document can be placed and be editable, but the layout will not really hold, so it would have to be reworked beyond the required edits.