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Kalpesh_007Kalpesh_007 

Is it Possible Parsing a text entered in a field to a formula in formula field

For Example:-In the description field of Product Object,we have the text as 'Opportunity.Name+ " Quantity : " +Quantity', On Opportunity Product, Now if we create a formula field on Opportunity Product and refer the product description field in that formula and the formula in Product description field should get parse on Opportunity Product. We should also be able to use the same use case in workflow field Update
SonamSonam (Salesforce Developers) 
A formula field can have text as a input and Output field so don't think that  this should be an issue.Please do test and let me know if you face any issues.