Work Flow Timer Question?

Hello, I was hoping someone could help. I am new to SF and I am trying to setup a workflow to do the following:

User chooses a 1yr, 2yr or 3yr option from a picklist. Once the value has been set I want a timer to start.

Once the 1yr, 2yr or 2yr time has passed I want a check box to become enabled so I can flag up a report.

I then want the picklist option to be reset, so the user can then re-select the 1yr,2yr 3yr option.

I was thinking something along these lines:

IF (TEXT)Frequency = "1 year", Current_Date + 365,

(Check_box_timer = enabled), Frequency = "None"))

IF (TEXT)Frequency = "2 year", Current_Date + 730,

(Check_box_timer = enabled), Frequency = "None"))

IF (TEXT)Frequency = "3 year", Current_Date + 1095,

(Check_box_timer = enabled), Frequency = "None"))

Any help would be appreciated.

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