About model and data exchange with 3rd party solutions: Revit, Solibri, dRofus, Bluebeam, structural analysis solutions, and IFC, BCF and DXF/DWG-based exchange, etc.
So DWG files can be read in AC 11, ....But now how do I import them into my AC 11 project ? get them to be the corresponding correct size ? and then modify them ? And, is the same process true for a DWG text file?
You can either copy/paste from the original dwg, or explode the dwg after using the "External Content"..."Place external drawing" command from the "File" menu for editing purposes. Usually when placing a dwg it asks what scale you'd like to import the file. Otherwise use "Ctrl" + "k" to resize. Is that what you are after?
You can also just "Open" it. How it looks will depend on the settings of your Translator. You might want to read the Help files first. They are quite Helpful!