Yes, it's a feature built right into the iPad (if you are running iOS 5).
To use it, go to your Settings app, in the General section. Scroll down toward the bottom (on the right side of the iPad in landscape mode). Once there, select the Keyboard line and then scroll all the way to the bottom. You'll see a line that says "Add New Shortcut." Press that and you'll go to another screen where you'll have the opportunity to bod whatever short cut you wish.
Hope this helps.
Marilyn
Who uses this shortcut function to easily sign her name to every post she makes...