If you don't want to use VBA and just a formula, here is what you need:
Assuming "YETI" is the name of your field
mid(YETI,(instr((instr(YETI,"|")+1),YETI,"|")+1),(instr(instr((instr(YETI,"|")+1),YETI,"|")+1,YETI,"|")-instr((instr(YETI,"|")+1),YETI,"|")-1))
This will only work if you do not...