When you are editing a formula cell in Excel, it puts coloured outlines of all the cells/ranges referred to in the formula.

Is it possible to have this view enabled just by clicking on the forumla cell? i.e. move the cursor to that cell and the referenced cells get outlined, move out of the cell (using the aroow keys/tab/enter/etc...) and the cells lose their coloured outlines.

Regrettably not that I'm aware of.

Closest thing I know to do what you need is "formula auditing".

I don't know where to find it as I don't have Office 2003 handy but shortcuts are Alt+T+U+ ?
? = "T" for precedents
? = "A" to remove all audit trails

You can also find "dependants" but I don't use that shortcut so I can't tell you right now.

Pressing F2 will enable you to edit the cell and will higlight precedent cells too.

I am sorry if I am insulting your intelligence but I know people who use Excel daily and can't even use "Find" function