I am pretty sure that you can turn that into an inline table valued function. It isn't something I can do quickly but I will take a shot at this later today unless someone beats me to it.
"I cant stress enough the importance of switching from a sequential files mindset to set-based thinking. After you make the switch, you can spend your time tuning and optimizing your queries instead of maintaining lengthy, poor-performing code."-- Itzik Ben-Gan 2001