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$str = "Lorem Ipsum is simply dummy text of {some_code} the printing and typesetting industry. Lorem Ipsum has been the industry's {some_code} standard dummy text ever since the 1500s, when an";
$code = '<?php // code ?>';
echo str_replace('{some_code}', $code, $str);

$str = "Lorem Ipsum is simply dummy text of {some_code} the printing and typesetting industry. Lorem Ipsum has been the industry's {some_code} standard dummy text ever since the 1500s, when an";
$code = '<?php // code ?>';
$delim = '{some_code}';
function repCode($delim, $code, $text)
{
    return str_replace($delim, $code, $text);
}
echo repCode($delim, $code, $text);