I just want to be able to apply a circle around some text in a cell the same way you would underline it, for example. Is there ANY way to do this??
Yes there is a way to circle text without involving drawing shapes or VBA.
Let's say in column B you are entering text values, such as North, South, East, and West. Any text values will do, this is just an example.
Let's say the text you want circled is South, meaning any cell with South as its text value will be circled.
Select the range in column B where you are working, say B1:B30. With that range selected, go to Data Validation and in the DV dialog on the Settings tab, select Custom from the Allow field drop-down.
In the Formula field, enter = B1<>"South"
Important, on the Error Alert tab, deselect (take the checkmark out of the box next to) "Show error alert after invalid data is entered".
Click OK to exit the Data Validation dialog.
Now go ahead and enter your text in column B, and when you are ready to have non-Drawing Shape circles placed around South in B1:B30, select range B1:B30.
From the worksheet menu click on Tools > Formula Auditing > Show Formula Auditing Toolbar.
If you mouse over the icons in that toolbar, you'll see that the 4th icon from the right will have a tooltip that says "Circle invalid data".
Click on that icon and the cells with "South" in selected range B1:B30 will be circled in red.
You can have the Formula Auditing toolbar float on your page if you'll be needing it often for this, but in any case that's how to accomplish what you are asking, without VBA or drawing tools.
You can accomplish the same thing with numbers, example instead of =B1<>"South" it can be =B1<>50 and any cell containing 50 will be circled.