create proc xpSprintF
	@body varchar(8000) = '', 
	@params varchar(1000) = '',
	@paramSeparator varchar(10) = ','
as
begin
set @params = @params + @paramSeparator -- so we don't have to specially handle the last item
declare @param varchar(200), 
		@leftBodyOld varchar(8000), 
		@leftBodyNew varchar(8000),
		@i int
set @i = 0
while @params <> '' and @i < 8000 -- max 8000 iterations
begin
	select	@param = replace(left(@params, charindex('"' + @paramSeparator, @params)), '"', ''),
			@leftBodyOld = left(@body, charindex('%s', @body)+1),
			@leftBodyNew = replace(@leftBodyOld, '%s', @param),
			@body = replace(@body, @leftBodyOld, @leftBodyNew),
			@params = replace(@params, '"' + @param + '"' + @paramSeparator, '')
	set @i = @i + 1 -- max iterations... so we don't get an infinite loop by accident
end
select @body
end
go
declare @body varchar(8000), @params varchar(1000)
select	@body = 'INSERT INTO %s VALUES (%s, %s)',
		@params =  '"table1","''1''","2"' -- no spaces between parameters!!! 
                --Parameters must be in format '"parameterValue","parameterValue2","parameterValue3"'

exec xpSprintF @body, @params
go
drop proc xpSprintF

select dbo.fnSprintf('INSERT INTO %s VALUES (%s, %s)', 'table1,1,2', default)

create function dbo.fnSprintf (@s varchar(8000), @params varchar(8000), @separator char(1) = ',')
returns varchar(8000)
as
begin
declare @p varchar(8000)

set @params = @params + @separator
while not @params = ''
begin
    set @p = left(@params+@separator, charindex(@separator, @params)-1)
    set @s = STUFF(@s, charindex('%s', @s), 2, @p)
    set @params = substring(@params, len(@p)+2, 8000)
end
return @s
end