According to Excel help pages for the TEXT function it is possible to use
custom format with the TEXT function.
I have tried everything but I can't make it accept colour codes as [Red] etc.
Does any one knows why or how ?

I know I can use Custom from Format Cells menu or Conditional formating to
achive the desired format, but I am interested to make it work with the TEXT
function.

Thank you

PS. I am using Excel 2002 and 2003