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Although you can save titles out of CS3 projects into stand-alone files complete with their rolling/crawling settings if applied, you can't store timeline effects that way.
One way would be to create a dedicated project for each such element you want to re-use and then import that 'template' project into any main programme in which you want that element. By using the sequence containing the element as a clip on the main timeline, you can re-use all the effects and edit contents within the source sequence as desired without affecting the original 'template' project.
I was thinking of maybe an After Effects comp brought in with DL. That could be a stand alone file usable in many projects. Just open the comp and change the text to suit.
I have three such items, and I did each in a separate Project, Saved complete.
I just Import each Project, as is necessary. It comes in in its own main Bin, with the Bin-structure the same. I can open those Bins, dbl-click on the Timeline, then edit text easily.
I store these in a common folder/sub-folder hierarchy and just pick the one(s), that I want. I keep them as a Timeline in my new Project, because I will usually have them as Play First on the DVD's, or as a separate Asset, like "The End," which I might use for all Playlists.