Excel 2007 :: If Then Statements Applied To Multiple Cells And Triggered Automatically

VBA in Excel 2007. Essentially, what I am trying to do is this:

I have to two columns (A and B) that have a drop down list in each cell containing text options. I created the drop down lists using simple data validation. Let's say that A has the following options (East, West, North, South) and B has (Up, Down, Left, Right). For each combination of these, e.g., A1 = East and B1 = Down, I want C1 to pull a unique piece of data (a $ amount) from a separate worksheet. I can get this to work in its most basic form but I want to be able to be able to do this for cells in rows 1 - 300 without having to write separate lines of code for each.

Additionally, I am having trouble getting C1 to update automatically once A1 or B1 are changed.