Is it possible to use a function (similar in nature to the VLOOKUP in Excel), to use the value entered in one cell, to update a value in another cell automatically, using a separate table as the reference?
STOP.
Excel is a spreadsheet, a good one.
Access is a relational database.
THEY ARE DIFFERENT! You can drive nails with a crescent wrench, but
that doesn't make it a hammer! Study up about how relational databases
work.
Access tables don't have "cells". They have Records, which consiste of
Fields.
What you want (I'm guessing) is a Query joining the two tables, by
their primary key/foreign key field links. If you want to see the
value from TableB in association with the value from TableA, create a
Query joining TableA to TableB and view the data in the Query.