Go to the VB editor (Alt-F11), right-click on your workbook in the
project window, and click Insert->Module.
Then, paste the “code module” portion (except for the “Option CompareDatabase” line) into the window that pops up.

Next, right-click the workbook in the project window again and select Insert-> Class Module
At the bottom-left, select the “Name” field, and enter “clsMD5” there

Paste the “class module” piece in the clsMD5 window, once again except for that first option line

Then, going back to the excel workbook window, you can set the formula like you say (=md5hash(…))!

Option Explicit

Declare Function CryptAcquireContext Lib "advapi32" Alias "CryptAcquireContextA" (ByRef hProv As Long, ByVal sContainer As String, _
ByVal sProvider As String, ByVal lProvType As Long, ByVal lFlags As Long) As Long

Declare Function CryptCreateHash Lib "advapi32" (ByVal hProv As Long, ByVal lALG_ID As Long, _
ByVal hKey As Long, ByVal lFlags As Long, ByRef hhash As Long) As Long

Declare Function CryptHashData Lib "advapi32" (ByVal hhash As Long, ByVal lDataPtr As Long, ByVal lLen As Long, ByVal lFlags As Long) As Long

Declare Function CryptGetHashParam Lib "advapi32" (ByVal hhash As Long, ByVal lParam As Long, ByVal sBuffer As String, _
ByRef lLen As Long, ByVal lFlags As Long) As Long

Declare Function CryptDestroyHash Lib "advapi32" (ByVal hhash As Long) As Long

Declare Function CryptReleaseContext Lib "advapi32" (ByVal hProv As Long, ByVal lFlags As Long) As Long

Const MS_DEF_PROV = "Microsoft Base Cryptographic Provider v1.0"
Const PROV_RSA_FULL As Long = 1
Const CRYPT_NEWKEYSET As Long = 8
Const CALG_MD5 As Long = 32771
Const HP_HASHVAL As Long = 2

Public Function MD5Hash(rngdata) As String
Dim rngdata2 As String
Dim hProv As Long
Dim hhash As Long
Dim lLen As Long
Dim sBuffer As String
Dim sBuffer2 As String
Dim lresult As Long
Dim i As Long
CryptAcquireContext hProv, vbNullString, MS_DEF_PROV, PROV_RSA_FULL, 0
If hProv = 0 Then
CryptAcquireContext hProv, vbNullString, MS_DEF_PROV, PROV_RSA_FULL, CRYPT_NEWKEYSET
End If
If hProv <> 0 Then
CryptCreateHash hProv, CALG_MD5, 0, 0, hhash
If hhash <> 0 Then
rngdata2 = StrConv(rngdata, vbFromUnicode)
lresult = CryptHashData(hhash, StrPtr(rngdata2), LenB(rngdata2), 0&)
sBuffer = Space(16)
lLen = 16
CryptGetHashParam hhash, HP_HASHVAL, sBuffer, lLen, 0
For i = 1 To 16
sBuffer2 = Hex(Asc(Mid(sBuffer, i, 1)))
If Len(sBuffer2) <> 2 Then
MD5Hash = MD5Hash + "0" + sBuffer2
Else
MD5Hash = MD5Hash + sBuffer2
End If
Next
CryptDestroyHash hhash
End If
CryptReleaseContext hProv, 0
End If
End Function
Bonus:formula for MAC address formatting

=RIGHT(REPLACE(TEXTJOIN(":",1,MID(C2,SEQUENCE(8,1,1,2),2)), 1, 1, ""),17)