Here is what I did:
$cont_res = mysql_query("SELECT content FROM User_Files");
$con = mysql_fetch_array($cont_res);
$search_vals = array("<<Val One>>", "<<Val Two>>", etc...);
$replace_vals = array($val_a, $val_b, etc...);
$new_data = str_replace($search_vals, $replace_vals, $con[content]);
echo $new_data;
I made sure that the search & replace vals were in the same order in their respective arrays.
Thanks