I just want to chime in that to my knowledge as well, a formula alone cannot reverse a string either character by character or word by word.
If you are willing to use a macro, I think this one is better than the OzGrid one - this one uses built-in VBA command to reverse a string:
http://www.bettersolutions.com/excel/EIK284/LR521811611.htm
If you want to know what a formula to reverse a string would look like,
Here's one that depends on a UDF/macro. The macro is called StringConcat and stands in for the CONCATENATE function, but adds the missing feature of working on arrays (which is needed, I think, to achieve your goal). Replace A1 with the cell containing the text to reverse.
Code:
=StringConcat("",MID(A1,LEN(A1)-ROW(INDIRECT("1:"&LEN(A1)))+1,1))
It needs to be entered as an array formula (ctrl-shift-enter)
Also, to try it you would have to be willing to download and import or paste in the StringConcat macro, which can be found at
http://www.cpearson.com/excel/stringconcatenation.aspx
This method is just a demonstration of what a near-native Excel formula would be. It works, but the first macro linked is better.
The formula for the first linked UDF/macro would be:
=REVERSE(A1)
To reverse your text word-by-word would require modifications to the above... but still depend on a macro behind the scenes, sorry.
Asa
edit:
Instead of saying "a formula alone cannot reverse a string" I should say "a 'reasonable' formula alone..." As far as I know. A very long formula could be devised, but depending on your version of Excel, and the length of the text you need to handle, might not work (then you could split it out to many cells I suppose).