I want the formula to look in B2 and if the # for that cell is a 1,
I want it to say Blue, if it finds a 2 "Red", 3 "Yellow" and so
forth...

Maybe the csv file below would help.

You can save the part below "cut here" in a file
"a.csv"
(including the quotes) and double-click on the file to open it in Excel.

------------ cut here ------------
"=IF(COUNTIF(C:C,B1)=0,""Missing"",VLOOKUP(B1,C:D, 2,FALSE))",8,,
,,1,Blue
,,3,Red
,,5,Yellow
,,7,Green
,,9,Orange
,,12,Cyan
,,13,Magenta
,,14,Brown
,,15,White
,,16,Gray