Yes there is a way withing excel itself, if your up on your visual basic code you can enter the editor via the menu or i believe its F11 from here you can take the contents of a cell, break it up and change values in to the chr value.
One easy way is to record a short macro, do a few operations i.e move the selected cell a few times. stop the macro and enter the vb editor mode. even if your not up on vb you should be able to see the code for moving the selected cell.
As its all vb to get the value of the selectedcell you would use the .text so it would look something like mytextvariable = selectedcell.text
From there you could pick at 1 character at a time or whatever you like
Hope this helps you, although without knowledge of vb you might find it a little tough but a great learning experience