Just in case, I'm posting the steps on how you do what I describe in comments to the question (I'd consider this a viable alternative).
- create a Netbeans Java class library project for the code that you want shared
- commit this code to your SVN or a similar system (you can commit an entire project if you see that as beneficial)
- have your team check-out the code/project into a local working copy
- open this as a project in NB so it is beside the opened main project(s)
- add this project as a library to your main project(s); right-click
Projects > [main-project-name] > Libraries and select "Add Project..."
- select the new java class library project and confirm
Now your main project depends on another project's JAR, so this JAR will be rebuilt whenever it's code is updated and before main is built. You don't have to build it individually.
Each team member may now edit the common code and commit it to SVN (can be done through Netbeans IDE without any external clients such as Tortoise). Others just need to check for updates often enough and update when necessary.
This has the same effect as having an external file as a link but it's much more organized. I don't think Netbeans has the exact feature you described.
I'm assuming Netbeans is being used for Java coding in this case.