Using the Virtual Component function, you will be able to make an external component become a virtual part, which mean:
1. A copy from the original part which will be saved internally with the assembly and without its own individual part file.
2. It will breaks the link to the external component file such as the original drawing file (while if it has in-context features with other parts in the assembly, the in context features will be remained.) The virtual component is renamed.
As you can see from the video, after the ring was made virtual, it will not effect to the drawing of the original part!
Besides, you can also copy virtual components between assemblies. The copy is not linked to the original virtual component. Existing references are not copied, and the copy is given a new name.
This function is really good in terms of, the designer are free to make change to the standard parts without affecting their library. If you wish to bring back the original part, what you need to do is just right click on the virtual part and select replace…