Wanted: A Formula to alter the way a cell's contents are displayed

I was given a file with thousands of records. In one of the columns, the information in each cell has to be presented differently to the viewer. A single formula needs to be written that will change the existing contents of a cell to look like a list (ie. each item within the cell is followed by ALT + Enter so they line up one under the other). Note that each cell has several items within it and they’re separated by the # symbol and a few random numbers. Any of these extra characters that separate the items need to be removed as well.

I don’t want a macro as I’m only learning more complex formulas at this time and don’t want to get into macros yet. Attached is a sample as well as what the outcome should look like. Any suggestions would be very welcome!