I can't say that I'm an expert on vbulletin phrases, but my take is this: they're really just strings that are saved in the database, and what you are allowed to put in them is determined by how they're used. For most I'd say that they're just used as part of the output and so they can include html. But I think some others (email subject and bodies, for example) are used as plain text and are run through eval() as a double quoted string, so they can include variables that will get be evaluated. So I guess the answer to your question would be that you *could* create a phrase that included php, but that I don't know of any in vbulletin that allow it - I don't think there's any way to include php in any of the existing phrases and expect it to run.
Anyway, I hope that helps. Feel free of course to ask for more if that doesn't help.
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