It's possible to create constants or similar and use them inside a node description or title in Drupal 7
I'm not sure I fully understand your need. But I would try to set a token called current_software_version as 1.1.0. Node titles and descriptions support the use of Tokens.

Tokens may also be supported within links, when using contributed modules or the redirect module I think.

You typically make custom tokens within a custom module you create. If you want an easier way to make the token value and name, I would look at the Variable module to build a UI and Admin Edit page for your current_software_version value. The Variable module will provide a token of the value for use throughout the site for you.