I got a bunch of PSD and Illustrator files and my boss wants that ability to edit the information in the files without having to ask me to do it. This would be more like editing just the text, there would be no need to edit the graphical elements. Is that a way to convert these file to PowerPoint?
There's not a direct way that I'm aware of. What you could do is export the background elements as a PNG and use it as a background in Powerpoint. If you set the master slides to use the exported background and do all your text styling there, you could have a reasonable platform for your boss to do simple edits while retaining control over the presentation style.
Keep in mind that your graphics will lose some of their quality when printed. I believe (though am not sure and can't check right now) that PowerPoint will resize whatever images you give it. Even if you supply a graphic that should print at 300 PPI for a letter-size page, PP may resize it to where it's essentially 72ppi and a crappy print. I'm not absolutely certain of this, but you probably want to sample some prints from PowerPoint before doing any major work creating templates.
PowerPoint and probably many other slideshow programs (e.g. Impress) can import PDF content.
Current versions of Illustrator save .ai files in a format very similar to PDFs, and you can also save with PDF compatibility so that the AI file itself will open in PDF readers. Photoshop can also save as Photoshop PDF. And both programs also allow you to export as PDF.
However, I'm not sure why you want to use PowerPoint to allow your boss to edit the text in the files, unless they're supposed to be slideshows in the first place.