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Default conditional formatting one cell based on content of another cell

Is there a way to make the text in one cell change color based on the value
of another cell. i.e. I would like the column heading to turn red if the
value at the bottom of the column is below a certain number. I tried to use
cond. formatting but it seems to only work on the cell itself (i.e. the value
will turn red, but no other cell). Is there a way to do this? Thanks!
Excel 2003 SP2
 
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