I want to multiply one column by the next one to produce a product in the
third column. Is there a formula that does this in one step?

Not as far as I know, but Excel will allow you to do nearly the same in few
steps. Let's say you have you have the following spreadsheet:

A B C
1 Price Qty Subtotal
2 $5.00 2 $10.00
3 $4.80 10 $48.00
etc.

where C2 =A2*B2
C3 =A3*B3
etc.

Now click on C3 and drag the little black box down as far as you need. Excel
will apply "Price*Qty" formula all the way down.

I use Excel 2003 and assume this will work for you.

- Sean Haynes