why I do feel like the title should be "Request: Auto-replace SMS function/app".
What I understand you want is a program (Or more of addon) to autoreplace a text with ones you feed it with.

Seriously, I also like this idea (practical).
A text like:
"3d imgs r exptd jmp frm movs theatrs into livin rooms by nxt yr." - I know most people won't write like that with QWERT
Into something more professional
"3-D images are expected jump from movie theaters into living rooms by next year."- some CNN copy/paste