You'll want to check for numerouis things, and while you're at it, a new developer for the application to put in validation.
I would start the formula with trezlub's suggestion, add in LB's, and then take it from there.
stringvar array baddatept := split({table.date},"/"

;
if not(isDate({table.date})) // quickly out if it's bad
or
(
len({table.date}) < 6 //quick sanity check
or
(len({table.date}) > 8
)
or
(
// the slower element verification if it passes the
// first tests
if length(baddatept[1]) <> 2 or
val(baddatept[1]) > 12 or
length(baddatept[2]) <> 2 or
val(baddatept[2]) > 31 or
length(baddatept[3]) <> 4 or
val(baddatept[3]) < 1950 or
val(baddatept[3]) > 2003 then
"BadDateFormat" else "";
)
-k