Filemaker is perfectly capable of performing the task you have described. in order for Filemaker to do this though will depend on how you have the relationship set up from your first table, to the table with the "Look-Up" value. Post some examples of what it is exactly you are trying to accomplish with some screen shots and you will recieve some great advice and help through this forum.
I concur that filemaker is completely capable of doing everything you mentioned however.. it is NOT a spreadsheet program so the learning curve may not be optimal for your needs. I would suggest that you look at some of the starter solutions and see what the FM environment looks like under the hood.
May I suggest that to get the best help you need to think about explaining more about the specifics of your envisaged process, but presented as an abstract problem rather than repeating specific spreadsheet language...