Color coding a drop-down list in Excel's data validation function

1) Create your drop down list in any cell using Data Validation with fields. e.g, Low, Medium,High
2) Highlight the drop down cell.
3) Select Conditional Formatting
4) Select Highlight cell rules, more rules
5) Select Format only cells that contain
6) Change the value in the format only cells with: to Specific Text
7) Enter the text field . e.g. Low
8) Select Format tab.
9) Select the Fill tab and select your colour e.g. Green.
10) Click Ok twice.
11) Repeat steps 2 to 10 for each other drop down selection e,g, Medium for amber, and High for Red.
12) Test the colours work if not you've done somethign wrong above.
13)After all this just cut and paste the finished drop down to everywhere you want to use it.

Hope this helps it drove me mad for about 10 minutes.

It is definitely possible to use the method described above for more than 3 cells.
Check this link
http://clip2net.com/clip/m79515/1307259484-clip-8kb.png
It is possible to define conditional formatting for more than 3 cells as you can see in the picture. I defined the color formatting using the method described above.

Great Info!! very helpful.

Thanks.