Php functionality without giving Php coding permissions

Is there a module that would allow a user to enter a defined tag or text that would then be replaced with defined Php code?

For example, if I wanted to give my contributors the ability to include the current date in the body of a message, they could enter something like [[date | 'm/d/Y' ]], which would then be replaced with the print date('m/d/Y'); function when the page was rendered.