abbrev can abbreviate text. Use a numeric argument to say how many words before point should be taken as the expansion. For example, to abbreviate the sentence "The cat and the mooon." as x, put the point at the end and do C-u 5 C-x a g x <RET> The emacs manual (info) for Abbrevs gives the details.

Only top voted, non community-wiki answers of a minimum length are eligible