What do you need to do? Are you updating a price list, for example, or trying to place a calculation in a table?
You can't base a form on an action query (Update, Delete, Append or Make-Table) because they don't return recordsets (rows and columns) like standard Select queries do.
What you can do is create some code behind a command button to run the update query.
These are the steps that I would use to build it using the interface:
Say that MyForm has SomeTextbox, which you want to use as a parameter in a query.
Build the query, placing the field that you want to update in the grid. If the parameter is based on a different field place that in the grid too, but clear the checkbox so it doesn't display.
In the Criteria row for your filter field type [Forms]![MyForm]![MyTextbox] (change to suit the actual names), then make sure that the form is open and has a valid value in the textbox, and run the query.
If it's giving you the data you expect, convert it to an Update query. Go to design view in the query. In 2007 or 2010, select Update from the Design tab. In 2003 or lower, pick Update from the Query menu.
Now edit the Update row in the grid to give you the value or calculation that you want to update your field to. Save the query as qupdChangeData (or equivalent; I use a range of prefixes for queries so I know what they do. It groups them in the navigation, convenient when searching through huge numbers of objects).
Now the button. In design view on your form, drag a button onto the surface. The wizard should launch. From the list of options on the right pick Miscellaneous, then Open Query (or Run Query?). Pick your query from the list, go through the rest of the wizard, and try it out.
Denis