text editing function help

I am trying to figure out how write a macro for the following things to happen:

Column 1 Column 2 Column 3
word1 word2 word1word2
word1 word2 word1-word2
word1 word2 word3 word1word2word3
word1 word2 word3 word1-word2-word3

Column 3 is what I am hoping for an output column using columns 1 & 2. I have figured out how to do the first 2 rows, I am having trouble the 3rd and 4th rows.

Please advise.
Thanks,
JenBasch

Bruce,

I tried to lay it out as best as I could in the original post, but maybe it wasn't very understandable. word2 & word3 are both in column 3 (column 1 = plain text, column 2 = italized text, column 3 = bold text) and that is where I'm running into my problem. I intially just want a formula in column 3 to do this. Eventually I want a Macro to look through a list of cells and have them all the different outputs depending on what they find in column 1 and column 2. Hopefully this makes things a little more clear.

Thanks,
Jen