From: Plamen Ratchev on
You have to use nested REPLACE function calls:

SET @pbody = REPLACE(REPLACE(REPLACE(REPLACE(@email_body, '{0}', @Operator),
'{1}', @Vehicle),
'{2}', @PM_letter),
'{3}', @PM_desc);

--
Plamen Ratchev
http://www.SQLStudio.com