Yes there is and it can be applied in most of the OpenOffice applications. I am demonstrating it in Writer below, however the same steps are applied to cells in Calc.
1. Highlight the area from which you wish to copy the format from.

2. Click on the format painter icon in the toolbar.

3. When the mouse looks like a paint bucket, highlight the text to which you want to apply the format.

4. Let the mouse button go and the format will be applied to that section of text.

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My name is Stephanie Krishnan and I'm passionate about the way that open source software and its community can help small businesses and individuals with their productivity and lives. One of the biggest arguments I get from business owners, however, is lack of support options. I decided to put together my own support blog to help people be productive at various levels with one of my favourite open source alternatives: OpenOffice! I do this through tutorials, downloadable templates and answers to questions from readers!