Yes this is possible but the question is why the this is not a valid php code!? I mean why this works
Code:
$find = 'test';
$replace = " ";
$vbulletin->templatecache['forumhome_forumbit_level2_post'] = str_replace($find, $replace, $vbulletin->templatecache['forumhome_forumbit_level2_post']);
And this doesn't work
Code:
$find = 'test';
$replace = " ' ";
$vbulletin->templatecache['forumhome_forumbit_level2_post'] = str_replace($find, $replace, $vbulletin->templatecache['forumhome_forumbit_level2_post']);