Highest Nth Number Number in a Range
You can extract the Nth highest (or largest) number from a range by using the Large() function.
For this example we have a range A1:B5 and we would like to extract the following:
In cell B7 - The first highest number in the Range A1:B5 In cell B8 - The second highest number in Range A1:B5 In cell B9 - The third highest number in Range A1:B5
The following picture demonstrates the use of the Large() function to solve this example.

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I like the LARGE and SMALL functions, but add a little more: I put the number reference in another cell, then use that cell reference to determine how many to search for. That way I can fill down as many as needed.
In the example posted I would put 1 in cell D7, 2 in D8, then fill down.
In C7 the formula would be
=LARGE(A1:B5,D7)
Then copy down as needed. This gives a little more flexibility and expandability on a couple of handy functions.
Thanks for the tip shades!