Attach a formula to a word.

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I have been asked to develop a spreadsheet for itemized charitable donation deductions. I have been going through his many pages of Goodwill donations and it's pretty basic stuff, but I would like to turn this into a continuing usable spreadsheet for the staff.
I would like to know if there is a way to attach a formula to a word. For example: In the future if they donate a white shirt, I would like the spreadsheet the recognize 'shirt' and give it an assigned value, lets say $3. So when they type in white shirt it shows $3 in the adjacent cell. AND How would I apply this formula to any new cells/rows that would be added?

If there is something like this available for download I would like that also.
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