Yes, absolutely! Conditional formatting is a powerful tool in Excel that allows you to format cells based on various criteria, including the current date and time. Here's how you can achieve this:

Formatting based on Today's Date:

1. Select the cells you want to format.
2. Go to the "Home" tab and click on "Conditional Formatting" in the Styles group.
3. Choose "Highlight Cells Rules" and then select "A Date Occurring."
4. In the "Date" dropdown, choose "Today" from the options.
5. You can then choose a pre-defined formatting style (e.g., highlight cells with a specific color) or click "Format" to customize the formatting (font, borders, etc.) you want to apply to cells that meet the criteria (today's date).
6. Click "OK" to apply the formatting rule.

Formatting based on a Specific Date:

1. Follow steps 1-3 mentioned above.
2. In the "Date" dropdown, choose "Specific Date" instead of "Today."
3. Enter the desired date you want to compare with in the "Date" field. You can also select a cell containing the date reference.
4. Choose the formatting options and click "OK" to apply the rule.

Formatting based on Future/Past Dates:

1. Follow steps 1-3 mentioned above.
2. In the "Date" dropdown, choose options like "Tomorrow," "Next Week," "Last 7 Days," etc., depending on your need.
3. You can also use custom logic by entering a formula. For example, `=TODAY()-$B$1` compares the current date with the value in cell B1 (assuming it holds a specific date) to highlight overdue dates (negative value).
4. Define your formatting and click "OK" to apply the rule.

Formatting based on Current Time (Limited Functionality):

Unfortunately, Excel's built-in conditional formatting doesn't directly work with time. However, you can achieve a similar effect by using a combination of helper columns and formulas. This would involve creating a helper column that constantly updates with the current time and then using conditional formatting based on that value compared to your desired time criteria.

Remember, conditional formatting offers a great deal of flexibility. You can explore various formulas and operators to achieve more complex formatting rules based on dates and times.