I'm installing a GFCI plug in a house built prior to 1962. The receptacle box is plastic and has only a 'HOT' & 'Neutral' wire coming into it. Do I need a ground wire to properly install the GFCI? The elecrical panel was updated recently. It has a common buse-bar where all the neutral wires are attached and is grounded to a copper rod and plumbing.
Short answer: No you don't need a ground wire. The code lets you replace the two wire receptacle with a GFCI.
From the 2011 National Electrical Code
406.4(D)(2)(b) A non–grounding-type receptacle(s) shall be permitted to be replaced with a ground-fault circuit interrupter-type of receptacle(s). These receptacles shall be marked “No Equipment Ground.” An equipment grounding conductor shall not be connected from the ground-fault circuit-interrupter-type receptacle to any outlet supplied from the ground-fault circuit-interrupter receptacle.