Using Variables in Jquery

Using Variables in Jquery

I working on trying to get my condense my code in jquery I have a small chunk of code that is being reused over and over inside of a function, I would like to turn this:
  1. $(document).ready(function () {
        $("a.transitionWhite000").fancybox({
  2.         'overlayColor': '#FFF',
            'overlayShow': true,
            'transitionIn': 'fade',
            'speedIn': 1300,
            'transitionOut': 'fade',
            'speedOut': 600,
            'overlayOpacity': 0.970,
        });






  3.   $("a.transitionBlack000").fancybox({
  4.         'overlayColor': '#000',
            'overlayShow': true,
            'transitionIn': 'fade',
            'speedIn': 1300,
            'transitionOut': 'fade',
            'speedOut': 600,
            'overlayOpacity': 0.970,
        });






  5. });
Into this:
  1. var masterSettings000 = 'overlayShow':true,'transitionIn':'fade','speedIn':1300,'transitionOut':'fade','speedOut':600,'overlayOpacity':0.970,
  2. $(document).ready(function () {
        $("a.transitionWhite000").fancybox({
        'overlayColor': '#FFF'
        masterSettings000,
        });



  3. $(document).ready(function () {
        $("a.transitionBlack000").fancybox({
        'overlayColor': '#000'
        masterSettings000,
        });



  4. });
so far when I try to plug in my 'masterSetting000' var it makes the whole code break, I'm really quite new to all this web development so I guess my first question is, is what I'm trying to accomplish even possible here?
And then secondly how would I execute it?

Thank you in advance for any assistance you can offer.

John