We have a concept problem in the original question.
A default value is a static value appearing in a TableDef in a database.
You could easily do a cut-and-paste in order to define the default value. But it is still static. The cell or memo field you mention as your desired source is not static. So at best, that would have given you a "snapshot" of the cell/field.
The lookup can certainly be in a query.
You can link to a spreadsheet, making it look like a table for at least some purposes. The 255-character limit would still apply, though. You could also pull from a field in another table.
If you have a table or a spreadsheet-in-table's-clothing, you can use DLookup in combination with some other test.
For example, if your condition for applying this default value was that the field in question was null or empty, the expression MIGHT look like
Iif( Len( Nz( [MyField], "") ) = 0, DLookup( "[MyDefault]", "MyOtherTable", insert selection criteria here, [MyField] )
which is perfectly legal in queries or forms or reports.
(At least, it is legal if I got the parentheses right and you put in a good set of selection criteria.)