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How to create a date formula

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Hi,

Here is the scenario. I have created an entity 'Outstanding Matters' for all matters pending from our customers.

There is one very important field, which we may call as 'Outstanding Since' that can highlight to the customer how long the matter has been outstanding to current date.

The formula should be like this : 'Current Date - Time' less 'Created On -  Date & Time' and the result is desirable to be shown as 'X days X Hours'.

The current date field should be updated manually using workflows or automatically using a timer present to be run at certain hour on daily basis or any time interval.

How can this be possible? 


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