NMAKE Help (nmake.hlp) (Table of Contents; Topic list)
Substitution Within Macros
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     You can use a macro to substitute text within another macro. The
     substitution applies only to the current use of the macro and does
     not modify the original macro definition. You can also substitute
     text in any predefined macro (except $$@).
 
     To substitute text within a macro, use the following syntax:
 
          $(macroname:string1=string2)
 
     Each occurrence of <string1> in <macroname> is replaced by
     <string2>. No spaces or tabs can appear before the colon (:).
     Spaces after the colon are interpreted as part of the string in
     which they occur. If <string2> is a null string, all occurrences
     of <string1> are deleted from the <macroname> macro.
 
     Macro substitution is literal and case sensitive. The strings
     cannot contain macro expansions.
 
     Example
 
          OBJS = ONE.OBJ TWO.OBJ THREE.OBJ
 
     To replace each space in the OBJS macro with a space, followed by
     a plus sign, followed by a newline character, invoke OBJS as:
 
          $(OBJS: = +^
          )
 
     The caret (^) tells NMAKE to treat the end of the line as a
     literal newline character. The value after substitution is:
 
          ONE.OBJ +
          TWO.OBJ +
          THREE.OBJ
 
     This example is useful for creating response files.
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