eval() is definitely what you want. Be aware, though, that if your variable has HTML and PHP code in it, doing eval() will operate exactly as include() would if you were include()'ing a file--it will spit out the HTML and parse the PHP code.
If you do have HTML and PHP mixed in the same variable, you will need to do this: eval( "?> $variable" ); instead of just this: eval( $variable );
Good luck!!