Parse EE tags in arbitrary chunk of code?

Hey all - I’m working on a module that requires that parsing of EE tags found within an arbitrary block of code - say, code that’s been entered into a module via the module CP. Looking through the core files, I can’t seem to find a method of any relevant classes that will allow me to pass this chunk of code to it as a variable, and have the contents parsed for EE tags and processed.

Anyone have experience with this, or any insight?

(I should clarify too that I’m developing for 1.6.8 for the moment.)