How does one Float a Graphic Object with Text? (Don't want the Graphics Frame stationary)

Question

I now know just enough InDesign to be dangerous.  So, help me from blowing myself up.
SITUATION:
I desire a Callout/Quote Box to emphase a quote--to separate it from the flowing text of the manuscript.  So, I created a curved-edge rectangle (graphic object) to make the "box", then filled it with the quoted text).  All was well in the land of Adobe Novice UNTIL I deleted some text above the newly-created graphic box/quote box.  I need the graphic to flow with (stay embedded in; hold its position in) the text outside the manuscript, not say anchored to page.
QUESTION:
Is there a way to have a graphic object which is placed in a manuscript flow with the manuscript text, so that it "holds its position" relative to the text.  For example, if I delete a paragraph of text above the graphic object, I want the graphic object to adjust accordingly.
ASIDE:
I am open to any other tricks or methods others use to insert callout or quote-boxes within the flowing text of a manuscript/book.
Thanks in advance.

Answer 1

Create your callout. If you will use it often, you can actually grab it and drag it to the desktop for reuse in any Document; it becomes an InDesign Snippet (.inds).
Copy the callout graphic, insert your text curser into the text frame where you want the callout. You've just Anchored an Object.
This is where you want to read up on Anchored Objects. You can highlight and baseline shift the callout (often necessay for anchored objects) , change leading, apply text wrap with standoff (you would select it with the selection tool for this), all of which are way beyond what I have ever tried, but managed it in less than 3 minutes. Basically treat it as a selection of type. The challenges will be line breaks, keep with, gosh knows.
Bob mentioned CS5.5 has more friendly features, which I am not familiar with, and are beyond quick replies.
Work through the above at your discretion, ask more DIRECT questions as needed, and you will get help.