Taking into account your previous post...
http://www.theanswerbank.co.uk/Technology/Comp uters/Question607276.html
... to keep thing simple I would suggest that when you change cell X2 you set up two cells to indicate the Term start and end dates which can then be referenced by your age eligibility formula.
e.g.
Term start date cell (X3 or whatever)
=IF(R12="Autumn 2008",DATE(2003,9,1),IF(R12="Spring 2009",DATE(2004,1,1),IF(R12="Summer 2009",DATE(2004,5,1),"")))
(NB no spaces in formula except for Term descriptions in quotes)
Term end date cell (X4 or whatever)
=IF(R12="Autumn 2008",DATE(2008,8,31),IF(R12="Spring 2009",DATE(2008,12,31),IF(R12="Summer 2009",DATE(2009,4,31),"")))
then your age eligibilty formula can be simplified to
=IF(OR(B2<X3,B2>X4),"N","Y")
The use of DATE(y,m,d) removes your datecode complication.