Maybe some Excel champs can help me with my little dilemma for Excel 2007.

Background:
I've set up a spreadsheet in which I collect online test answers (sentences), arranged by row after who's taken the test. No numbers, just the full answers. A sort of teachers aid.

That data is then conditionally formated to color the cell (and text) GREEN if the text in it match the "right answer" for the question, and red if it does not. Standard conditional formatting stuff.

The issue:
I want to insert a column of cells next to all this, where a formula "analyses" the content of the row next to it to determine if the taken test is "approved or not approved (True/False thing) on the condition that the NUMBER of RED cells do not number more than TWO within the selection, and display "APPROVED/NOT APPROVED" according to this "auto correction function".

The tricky part is that there's no numbers involved in the answers, so it's dependant on Excel 2007 ability (or not) to check the color of the cells - a sort of "inverted" conditional color formatting.

Can Excel 2007 analyse the color of cells? I believe 2010 can, but I'm not sure about 2007. If it can, how would I go about constructing that formula?