Christophe from PathToSharePoint.wordpress.com
was the first site that taught me the value of the calculated column beyond the standard features found using the column to do excel calculations. He developed a script that allows you to communicate information in a list in new ways. Think of the many graphical ways on a web site that you communicate information. Now with the calculated column, Christophe's java script you are able to bring HTML and style sheets to a column and base it on fields in that row.
Please follow these steps to be able to use the calculated column with HTML:
Add a CEWP to the page you want the calculated column HTML to be viewed. Move it at the end of all your webparts.