Is Excel 2007 smart enough to do this?

I have an instance where I need conditional formatting set up for a cell
whose condition is based off of another cell.
But the second cell with the condition is a not a simple number or percentage.
It contains a text condition like "Less than 10%" or "70% or greater".

Is this even possible in Excel?
And the text can be tweaked but for appearance's sake...as close to the
examples posted as possible.

Any thoughts?

Thanks in advance.