Not directly, but there is some deep voodoo with PHP4 that will do the trick.
$trans = get_html_translation_table(HTML_SPECIALCHARS);
You now have a translation table -- an array -- that you can muck about with.
Then use strtr() to apply the array to your favorite variable.
I discovered this trick by looking at the user comments appended to the annotated manual at www.php.net.