In short form, no.
In long form, dynamic content requires a degree of server-side intelligence to parse the scripts. So the only way you could do it would be to generate images server side and publish these in your email... but that would be fairly pointless and also slow down the opening of the emails for the readers.
Don't re-invent the wheel. If what you really want is efficient mailing list management software that uses templates at its heart, then that's what you should be looking for. Someone I know uses MadMimi, they seem happy with it, never used it myself, so not really a recommendation as such, just a name to look at.
Last edited by mixture; 12th January 2013 at 22:49.