I learned an Excel trick today - that doesn't happen very often. What I needed to do, was highlight values in a table if the value existed in another range on the sheet. How I did this was:
Select the cells to apply the formatting to.
Click the Conditional Formatting icon (Office 2007) in the toolbar
Select "New Rule" and then the "Use a Formula..." option
Enter "=VLOOKUP($B5,$AH$5:$AH$76,1,FALSE)" where $B5 is the first dynamic cell (the one that will be changing down the rows) and $AH$5:$AH$76 is the range in which to search for the value.
Pick your formatting options
This came in very handy to quickly identify some trouble items in a very long list.