Oh yeah. For now, technically you have 4 conditions you can set. Think of the usual settings as a fourth condition or a not condition 1, 2, or 3 condition.
For example, I have a spreadsheet that tracks whether items pass or fail a specific test. My manager set this up and he purposefully uses PASS, PASSS, FAIL, FAILL. The misspelled words are to indicate that it passed (or failed) previously but has since been retested.
I got tired of changing the font color to red or green, which the manager wanted. I could only set three conditions with conditional format, right? Okay, so I set the text in that column to green. If someone enters FAIL or FAILL, it turns to red. If they enter PASS or PASSS, it's green.
Download a trial version of Excel 2007 and play with it. Just make sure you uninstall it before you install a full paid version.
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JP