In Management Studio, click View --> Template Explorer. I think that does what you are looking for. I also saw something there that I had not noticed before which is the ability to set up parameters which can be quickly replaced. For example, if you put this in your template:

<Author,varchar(100),Name>

- Author is what it asks for
- varchar(100) is the type it expects
- Name is the default

In this particular case, why wouldn't you just put your name in the template though?

Oh, the important part: press Ctrl-Shift-M to fill in the values. It could be good for procedure name, proc comments, etc

The template explorer templates are actually stored per windows profile and are different from the one that is pulled using the "New Stored Procedure..." command. I typically don't use the template explorer since I have to drill down to find the template I want... the context menu is just so handy. I know, I know - I'm picky.

Yes! Parameter replacement is very cool. I didn't realize that you could do it until SQL Server Management Studio (2005) came out. The prompt at the top of the 2005 templates clued me in - very cool.