Allow EE Code: http://www.pmachine.com/plugins/allow-eecode/
Allow PHP: http://loweblog.com/archive/2005/06/03/ee-allow-php-plugin/
Set text formatting for the field you want to use this on to "None" (Admin > Weblog Administration > Custom Weblog Fields).
Change your template by adding the Allow EE tags around the field:
{exp:allow_eecode}{body}{/exp:allow_eecode}
Now you can use PHP inside your entries like this:
<p>Bla bla regular entry textp> {exp:allowphp} echo "This will be processed as PHP."; {/exp:allowphp}