You will lern in this Excel tutorial how to generate random text from the list.
Suppose that your list is in A1:A10 cells range. You have there some text from which you want to generate one in some other cell. Here is a Excel formula which solves your problem:
=INDEX(A1:A10,RAND()*ROWS(A1:A10)+1)
Remember that every time the formula will generate a new text. It can be used for random password generation.