You can use dynamic SQL like this:
DECLARE
@TABNAME VARCHAR(30),
@COLNAME VARCHAR(30),
@COL2 VARCHAR(30),
@sql VARCHAR(4000)
BEGIN
SET @TABNAME = 'Table1'
SET @COLNAME = 'Col1'
SET @COL2 = 'Col2'
SET @sql = 'CREATE TABLE ' + @TABNAME + '(' + @COLNAME + ' INT NULL, ' + @COL2 + ' VARCHAR(20))'
EXEC (@SQL)
END
GO
When in doubt - test, test, test!
Wayne