VLOOKUP To Remove Words

I'm if I can create a table of words that I want removed from a column.

For example:

Red Fast Cars
Red Slow Cars
Blue Fast Cars
Blue Slow Cars

Can I setup a VLOOKUP function to remove 'Red' and 'Blue'

I know I can create multiple work sheets and use Control + H, to remove words. But that entails a lot of cutting, pasting, and filtering. Plus this example is simple, I'll be using longer text strings AND some examples might need to have 3 words removed from the same string