Via a post by Matthew Jaffe with Dropbox, they have now released the Office365/Dropbox integration. The new feature is available on Android and iPhones. You will want to make sure your Dropbox app is up to date on your phone. With this new feature, you will be able to edit Office documents that are stored in Dropbox. You can do this by seclecting the new “Edit” icon in the app as shown in the picture to the right.
For more info, see the blog post by Dropbox: https://blog.dropbox.com/2014/11/dropbox-microsoft-office-integrations-now-available-on-mobile/
For more analysis on the the Microsoft/Dropbox integration, please see the following article from Sarah Perez withTechCrunch: http://techcrunch.com/2014/11/25/dropboxs-mobile-apps-are-now-integrated-with-microsoft-office/?ncid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29