Is there a module to include translatable variables in content? I'm building a bilingual site with a lot of content. We need to be able to edit and translate certain titles that affect many pages at once, like "Today's News" or "Sign up here." But I don't want to make them all fields on content types because there's too many of them. 

Is there a module or plugin that allows you to places these variables inside the content? And allows you to edit/translate and show what pages they're on?
Can't you wrap them in t() when fetching them?

Note: The author wants to be able to translate values from the variables table. I suggest a way to translate values from the variables table. No point in using contrib modules if core can do it just fine. That is, unless there are restrictions not mentioned in the original post that would make using the t() function impossible.