SQL Server printf

PRINT is just RAISERROR with a severity of 0. So you can use.

declare @name varchar(10)
set @name = 'George'

RAISERROR ('Hello %s.', 0, 1, 'George') WITH NOWAIT

Edit to store it into a variable you can use the xp_sprintf extended stored procedure.

declare @name varchar(10)
set @name = 'George'

DECLARE @ret varchar(500)
exec master..xp_sprintf @ret OUTPUT, 'Hello %s.', @name
PRINT @ret

If you have a limited number of format strings, and are able to add them to sysmessages (via sp_addmessage), you can use FORMATMESSAGE:

Like the RAISERROR statement, FORMATMESSAGE edits the message by substituting the supplied parameter values for placeholder variables in the message. For more information about the placeholders allowed in error messages and the editing process, see RAISERROR.

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The below would be a valid answer for SQL Server 2005 or later, but unfortunately, the OP is seeking a solution for SQL Server 2000:

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It's ugly, and an abuse of Try/Catch and RAISERROR:

declare @message varchar(50)

begin try
    RAISERROR('Hello %s',16,1,'george')
end try
begin catch
    set @message = ERROR_MESSAGE()
end catch

print @message