eval(), but it would have to be valid PHP, enclosed in <?php and ?> tags.
<?php
$html_and_php = " this is my text and html <?php print ("this is my php"); ?> and this is more html and text";
eval (" <?php " . $html_and_php . " ?> ");
?>
Be aware that this opens up severe security holes in your application, what if someone entered:
system (" rm / ");
OR:
mysql_query ("DELETE FROM tablename WHERE 1");