Correcting formula to display OR using 3 logical IF's

I have this formula:

=OR(IF(AC1="P";"Pending";"");(IF(AC1="S";"Submitted";""));(IF(AC1="R";"Received";"")))

It's displaying: "#VALUE!"

I want it to be like this:
IF AC1=P Then display "Pending"
OR IF AC1=S Then display "Submitted"
OR IF AC1=R Then display "Received"
ELSE "" (blank)

Please help!

Great!... I didn't know you could do that with "IFs"... I thought I needed the OR function.
I learned something new..

Thanks!