Use the Combin() function,

For your example, to select 2 object from a list of three use =Combin(3,2).

And just for interest's sake, if order did matter you should use the
Permut() function.

Hope this is what you need.

One play to generate the combinations
is to use Myrna Larson's power subroutine ..

Take away this implemented sample from my archives:
http://www.savefile.com/files/518493
MyrnaLarson_Combination_Permutation.xls
(full details inside, ready to run)

In the sample file,

In Sheet1,
1. Enter the letter C or P in A1
(C = combinations, P = permutations), eg enter: C

2. Enter the number of items involved per combo in A2, eg enter: 2
(this fig would be your: 2 values, 3 values, 4, ... up to 7 values.)

3. Enter/List the N items in A3 down (your "N values in a column")

4. Select A1 (this cell selection is required),
then click the button ListPermutations to run the sub ListPermutations

5. The results will be written to a new sheet (just to the left),
and wrap in a zig-zag manner until all combos are exhausted:
*if it exceeds the rows limit of 65536 in xl97 to xl2003
--------
Repeat the runs for each of your desired values (Step 2 above): 3,4,5 ... 7

Go easy when you "ramp up" the generation
(increasing picks on increasing N values)

As a sanity check, for example:
a "Pick 6 out of 45" run will work out to a staggering:
=COMBIN(45,6) = 8,145,060 combinations
so almost half** an entire sheet would be populated
(You sure you want to do this ??)

**A single sheet in xl97 to xl2003 houses:
=65536 rows x 256 cols = 16,777,216 cells

The sub would certainly need time to complete generation