If we look at what is possible, namely changing data and instructions in ram -- it seems to me that Smalltalk already provides that.
I suppose there is some value to viewing a program as a kind of differential equation over time (where we assume the future has not yet happened, and all input has been given at certain points in time) -- and so be able to change the state at a given present, by changing the program, and accounting for how that change would translate to a different state in the present, given the same inputs... But we cannot stop time, nor the real world -- so most real systems can only be approximated in this way.
The best we can do (with any real system that isn't isolated from the outside) is to take a snapshot at a given time t, make changes to see how that state could have been at t with our new code -- but we then would have to bring our system back into the present -- either by playing back recorded input or by some other means...
I don't think your points about w manage to put weight behind (or communicate) your point: in Smalltalk you could either programaticaly alter all ws, or if you changed the condition on which w depended, all ws would update (in a GUI, or other system with an event loop...). I get that that's not your point though.