in xp_sprintf up to 50 arguments can be specified. sometimes there's a need for more.
This is it and it could as easily be rewritten as a function.

create proc spSPrintF
    @body varchar(8000) = '', 
    @params varchar(1000) = '',
    @paramSeparator varchar(10) = ','
as
begin
    if @params = '' 
    begin
        select @body
        return
    end
    -- so we don't have to specially handle the last item
    set @params = @params + @paramSeparator 
    declare @param varchar(200)
    while @params <> ''
    begin
        select @param = replace(left(@params, charindex('"' + @paramSeparator, @params)), '"', ''),
               @body = stuff(@body, charindex('%s', @body), 2, @param), 
               @params = replace(@params, '"' + @param + '"' + @paramSeparator, '')
    end
    select @body
end
go
declare @body varchar(8000), @params varchar(1000)
select @body = 'This is a %s text i have to %s with some %s i want',
       – Parameters must be in format '"parameterValue","parameterValue2","parameterValue3"'
– no spaces between parameters!!!
@params = '"sample","replace","parameteres"'
exec spSPrintF @body, @params

The question that spawned this function was asked here. When Ryan Randall reminded me you can use Stuff function i naturally had to use it. :)) Thanx Ryan!