Wave Geometry Linker command allows you to copy an existing part into a new part file and you can modify it, like e.g. if you created any casting body and then you want to add machine operation feature new file with associate copy of casting body that time you can use Wave Geometry linker command.
and if you want to create a series of part and were mostly the same except for some minor feature differences that time you can use Part family (using spread sheet) where u can add /remove feature for different instances like YES or NO type.