Manually. Yes. Select the word in Edit mode and select the Red font.
Programmatically, more difficult. Use the Instr Function to find the
start of the string, assuming that there is only one instance of the
word in the cell.
Knowing the starting position and length of the word, ........
Watch the line wrap.
Sub ColorMe()
Dim lngStart As Long
lngStart = InStr(1, ActiveCell.Value, "Word")
ActiveCell.Characters(Start:=lngStart, _
Length:=Len("Word")).Font.ColorIndex = 3
End Sub
Tested using Excel 97SR2 on Windows 98SE,
HTH
Paul