Put your list of choices on THIS worksheet in a column, perhaps off to the right where it won't normally be seen.
Click on cell where you want the dropdown to appear. Hit Data-Validation and choose List. Click on the fill-in box icon, choose your list, click the icon again.
You will only see the dropdown arrow when that cell has focus.
I not aware of a formula that can do this. However, this bit of VB will do the trick.
Sub SumByFontColor()
' Requires a range to be selected ahead of time, font color must equal 3 (red)
Set MyRange = Selection
For Each MyCell In MyRange
If MyCell.Font.ColorIndex = 3 Then MyTotal = MyTotal + MyCell.Value
Next
MsgBox MyTotal
' Alternatively the total may be stored in Cell A1
' ActiveSheet.Rows(1).Columns(1) = MyTotal
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