If Formula to change cell color

[Nora Najem]

I am working on an Employee Attendance worksheet and I want that the color
of the cell changes according to the cell content. I tried Conditional
Formating but unfortunately in Excel 2003 it is limited to 3 conditions and I
have SIX conditions. My question is:

Can I use an "IF" formula to change the cell color according to the cell
content, for example: change the color into red if the letter "L" is entered.
P (present) to Green, ...etc.

Thank you

 

[Bob Umlas]

Formatting of a cell is also limited to 3 colors. With Excel 2007, coming
out shortly, you have unlimited formatting (conditional & other) per cell.
Bob Umlas

 

[Nora Najem]

Thank you.

I would like to workaround this issue. Suppose I want to use conditional
formating and use within one condition three cases. i.e. all absences (L) for
Leave, (C) for Casual (S) for sick, so whenever each of these letters is
entered the cell changes into red.

Your help would be much appreciated