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OK, I've got it all now with that last post. Thanks for your patience, hopefully this formula will make the wait worth it.
For row 2 (assuming Columns A,B,C and D for BO,BP,BQ and BS)
=IF(OR($A2="Green",AND(COUNTIF($A2:$B2,"Red")=2,$D2="Green")),"OK",IF(OR(COUNTIF($A2:$D2,"RED")=4,AND(COUNTIF($A2:$D2,"Red")=3,OR($C2="Yellow",$D2="Yellow"))),"Order","Watch"))
P.S. as it turns out, =IF(A2="Green","OK,"not ok") was almost it - for the one case where BO is Green, that does result in OK. But of course other factors got involved later on.
The Rules for "OK"
If BO = Green then Final Status (FS) is OK
If BO and BP = Red AND BS = Green, then FS is OK
Rules for "Order"
If BO, BP, BQ and BS are all Red, FS is "Order"
If there are 3 Red entries in the row AND either BP or BQ is Yellow, FS is Order
Any other conditions are "Watch".
[Edit] Same disclaimer as Jeeped! :)
[2nd Edit] Fixed formula to actually work on row 2 vs 16, and made columns absolute so that it can be copied into other columns without failiing.