It can be done automatically but I would be cautious about it's implementation. It would be better if you have a specific cell that you enter a final number into (like a date) you could use to trigger the macro to run at that time. I have attached the macro which will work when you paste data into the sheet, or do anything else in the sheet for that matter:
Private Sub Worksheet_Change(ByVal Target As Range)
Dim rCell As Range
Dim strValue As String
Application.ScreenUpdating = False
For Each rCell In Range("C2:C" & Range("C" & Rows.Count).End(xlUp).Row)
strValue = ""
Select Case rCell.Value
Case Is = "01"
strValue = "Acres"
Case Is = "02"
strValue = "Width"
Case Is = "03"
strValue = "Depth"
Case Is = "04"
strValue = "Sq Ft"
Case Is = "05"
strValue = "Units"
End Select
If strValue <> "" Then
Application.EnableEvents = False
rCell.Value = strValue
Application.EnableEvents = True
End If
Next rCell
Application.ScreenUpdating = True
End Sub
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