Since writing this post, three simpler, better ways of solving the problem have been submitted in the comments section. Feel free to read this post, but look to the comments for the solution!
If you already know about conditional formatting and navigated here via Google, please jump straight to the hack. If not, I hope the following introduction is useful. You might also like to check out the WikiHow introduction to conditional formatting in Excel. This post is actually concerned with an interesting hack that lets you reference the value of a cell itself when setting up formula-based conditional formatting rule.
Conditional Formatting
Excel’s conditional formatting feature is a boon to heavy spreadsheet users like me. It is a flexible and powerful tool that (among other things) lets me highlight data according to a set of rules so that I can easily spot the interesting bits in what would otherwise be an almost impossibly dense and meaningless cloud of numbers. Here’s an example; a table of the correlations between 32 different statements (taken from some ongoing work looking at a simple blogger typology.)

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