Multi-Condition IF THEN ELSE statement

Hi All,

I was wondering if anyone knows of a way to do a multi-condition 'IF THEN ELSE' statement in the formula tool,

I want to replace the contents of a string but only if two conditions are met, so for example:

Output Field

[FIELD 1]

IF [FIELD 2] = "X" and [FIELD 3] = "Y" THEN "Replacement Text" ELSE [FIELD 1] ENDIF

Alternitivly is there a better way to acheive this?

Thanks in advance...