Look for 'text' in column, check if image exists and create hyperlink?

This may be a macro question but I've been driving myself nuts trying to figure it out so I find myself on this forum. What I'm trying to do is this;

Look for 'text' in a column, check a specific folder to see if an image exists with that same 'text' in the column, and if so, create a hyperlink to that image.

Example:

Column #1
001
002
003

Check field '001' to see if a file called '001' exists in "C:\images\". If it does, create a hyperlink in that field to point to "C:\images\001.jpg".

Is this possible? I'd appreciate any and all help!