Yes, the res table is in your project database, and you can enter values directly there, without the need to use an excel spreadsheet. It's probably a good idea to make a copy of the table (and name it something like res_copy or res_orig) just in case you want to go back to it.
The data in the tables in the project database are what ArcSWAT (actually, the SWAT-editor part of ArcSWAT, I think) uses to write the input text files in the txtinout folder, which are what the SWAT engine (the fortran executable) uses to actually run the model. So every time you make a change in the database tables, you need to re-write the text files for that component (like reservoirs, or management, or soils, etc.) for SWAT to incorporate your changes.
-- Jim