that looks suspiciously like an URL query string, in which case you already have those vars in the $_GET array. however is that is just a regular string:
$string = 'var1=val1&var2=val2&var3=val3';
$explode = explode('&', $string);
foreach ($explode as $value)
{
$explode2 = explode('=', $value);
$$explode2[0] = $explode2[1];
}