Is it possible in Excel 97-03 to add a suffix and prefix to data that is already entered into a cell when you enter a predefined character into another cell.

For example:

A1 = "active"

if I enter a "y" in to A2 i would like to add a "-" to the beginning and end of the text in A1, so it would display A1 = "-active-".

Im am trying to do this in order to exclude this from other functions I have running on the sheet, maybe I am looking in the wrong place?