PHP - replace a string with a variable named like the string

[PartyBoy1994]

so the string is like this:\[code\]"bla bla bla {VARIABLE} bla bla"\[/code\]when I use this string somewhere in a function I want to replace {VARIABLE} with $variable (or any other uppercase strings with wrapped within {} charcters). $variable (and any other variables) will be defined inside that functionCan i do this?