Arrays and Variable name

I have an array that stores variable names and values.

$formArray = array('variable1','value1','variable2','value2')

I am looping through the array and want to assign the value to the variable name. I think the way I am doing it doesn't work

$formArray[0] = $formArray[1];

I am trying to assign the value to an existing variable

$variable1 = value1

Thanks in advance

foreach($formarray as $variable) {
   echo ${$variable};
}

Thanks