Hmmm...I don't think you can do exactly that without putting '<?php' in your template.
Though, you might try something like this:
Template:
<b>%BOOK%</b> is my favorite book.<br>
<b>%PETNAME%</b> is my dog.<br>
Today is %DATE%.<br>
Get that into $template and then have the code use str_replace():
$data = array(
'%BOOK%' => 'Neuromancer',
'%PETNAME%' => 'Fluffy',
'%DATE%' => date('m-d-Y'),
'%COLOR%' => 'Kelly Green');
$src = str_replace( array_keys($data), array_values($data), $template);
Just be aware that in versions < 4.0.5 str_replace will not take arrays as parameters, but you can fake it with a simple loop.
HTH