Using a tabular field to customize symbols?

Hi all,
I have a list of points and each has a unique ID field vallue. Does anyone know if it is possible to easily design a simple symbol that will, for example, put that ID value in a colored circle and display it as the symbol for each point? I have imported Highway symbols using a .lyr referencing a road ID value (the highway number) but I don't know how to create that type of reference layer, nor do I have much time to do this.

Thanks everyone!