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Default Two question on working with text

In Excel 2007, Column C has a list of 3500 names in the format of FirstName
LastName, but unfortuately the are approximately 1200 also have a middle
intitial, some with a period and some without a period. As is evident, this
list was compiled over a period of about 2 years and many people contributed
to it with no guidlines, and now I have been directed to fix it.

Question 1 - Can a formula be devised to extract the first four letters of
the last name?
Question 2 - Is there a means to put a period after those middle initials
that do not have one
Thank you
Marsh
 
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