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Brendan LallyBrendan Lally 

Cannot create Hyperlink formula

On a custom object I've created a custom field of type text, length=200
I then try and get any Hyperlink formula and I keep getting

Error: Function HYPERLINK may not be used in this type of formula

tried HYPERLINK("anywhere" , "Do stuff")

tried HYPERLINK("00U/e?retURL=%2F006x0000001T8Om&what_id=" & Id, "Create Event")
as per https://na5.salesforce.com/help/doc/user_ed.jsp?section=help⌖=customize_functions.htm&loc=help&hash=HYPERLINK
doesn't like the Id so delete that and then get the 'may not be used'

any ideas?
in developer edition

Brendan LallyBrendan Lally
I had set it up as New field, Text, formula, Hyperlink
needed 2b New Field, Formula, Text, Hyperlink