Yes, it can be done in VBA:

1. Either code or down-load a simple table-driven parser for worksheet
constructs.
2. Run the parser on any cell to develop a table of cell references,
constants, named objects, etc.
3. Use the EVALUATE method on each item in the list to get the numeric value
4. Replace each item in the original expression with its equivalent numeric
value
5. Store the modified expression elsewhere.

Brian,

Select the cell with the formula, and run the macro below.  It will change most cell references to
values, with the exception of multi-cell ranges.  That would be do-able, but would require a
re-write.

HTH,
Bernie
MS Excel MVP

Sub Convert()
'Converts cell references to values within the
'Activecell's formula
'Written by Bernie Deitrick Dec 15, 2005

Dim strForm As String
Dim strOrig As String
Dim Addr As Variant
Dim i As Integer
Dim myCell As Range
Const Operators As String = "=+-*/^()"

strForm = ActiveCell.Formula
strOrig = ActiveCell.Formula

For i = 1 To Len(Operators)
strForm = Replace(strForm, Mid(Operators, i, 1), "*")
Next i

Addr = Split(strForm, "*")
For i = LBound(Addr) To UBound(Addr)
On Error GoTo NotCell
Set myCell = Range(Addr(i))
strOrig = Replace(strOrig, Addr(i), myCell.Value)
NotCell:
Resume GoOn
GoOn:
Next i

ActiveCell.Formula = strOrig
End Sub