You can make the text appear in the cell by means of a formula like
this:

=IF(condition,A1,"")

You have to provide the logical condition, then the text will be
brought from cell A1 (for example).

If you want colour, just format the cell, as you will have a blank if
the logical condition is not met. Alternatively, you can use Format |
Conditional Format and then set up a logical condition and change the
foreground and/or background colour using this.

Hope this helps.

Pete