[jQuery] Plugin to link words/phrases

I am working on writing a plugin that, given a list of words/phrases,
will link text.
That sounds so ... less than spectacular. The concept is similar to
those in-text ads, except without the popups/bubbles. (Even less
spectacular-sounding.)
I was wondering if there already existed a plugin for this or similar
functionality.
I was also wondering if it would be of interest to anyone else.