is it possible to have a name in a cell such as 2-way and have a fixed value say -4 attached to it?? so if i type 2-way in a cell the formula will automatically use that value.

Names cannot begin with numbers, so pick a different word. They can't contain spaces either, by the way.

Click 'Define Name' on the Formulas tab of the Ribbon.
Type the desired name (TwoWay, for example) and change the reference (it will have a cell address in there) to =4

As Kimberly says, names can't start with numbers - they can start with letters or an underscore. So you could define a name as _2Way, set its value to '4' (instead of using a cell reference), then reference the name via a formula. For example:
=A1*_2Way

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]

thanks you