Is it possible to write a nested formula such that the result of the first
calculation is an array that is used in the 2nd formula?

I have a formula:
VLOOKUP(lookup_value,table_array,col_index_num,ran ge_lookup)

that is nested in an index formula, INDEX(array,row_num,column_num), to
result in:

INDEX(VLOOKUP(lookup_value,table_array,col_index_n um,range_lookup),row_num,column_num)

I want the result of the Vlookup to be a range name or an array that the
Index formula will accept. How do I do this?

I am using Excel 2003.