Excel 2007 : I am trying to create a formula using color of text in cell.. so if cell text is red

I am trying to create a formula that can red the text color from another cell....so =if (e4cell red),then "e12-100") Can something like this be done?

It can be either the cell text color or I can fill the necessary with color

There isn't a standard formula to read a cell's text colour, but you can write a user-defined function to do so:

Function TextColour(rngTarget As Range) As String

Application.Volatile

Dim vColMatch As Variant
Dim vColList As Variant
Dim vColName As Variant

vColList = Array(vbRed, vbGreen, vbYellow, vbBlue, vbBlack, vbWhite)
vColName = Array("Red", "Green", "Yellow", "Blue", "Black", "White")

vColMatch = Application.Match(rngTarget.Font.Color, vColList, 0)

If IsError(vColMatch) Then
  TextColour = "Unknown"
Else
  TextColour = vColName(vColMatch - (1 - LBound(vColName)))
End If

End Function

One issue with this is that changing a cell's text colour does not trigger a recalculation, so even if the function is volatile you'll still have to press F9 to do a sheet recalculation every time a cell's colour changes, or the result from the formula won't update.