Text insertion tool

I am interested in a text insertion plugin if anyone knows of such a thing. I envision it working something like this:

– Create blocks of text in an administrative setup area. The text could include html.
– Edit a post or page and in the toolbar is a item that allows one of the predefined text blocks to be inserted at the cursor location.
– Insert a text block and edit it as needed.

Does such a plugin exist?

Thanks.