If you're using xl2002+, you can select the cell and then:
Tools|formula auditing|evaluate formula
And you can step through how excel evaluates each piece of the formula.
If you don't have xl2002+, you can select a portion of the formula (in the
formula bar) and hit F9 to see how it's calculated.
Hit ctrl-z to revert that portion back to the formula or hit escape to abort the
editting completely.
And if you hit enter by mistake, edit|undo right away (or ctrl-z).
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