Almost the same as ghostdog74, though independently created. One difference,
using d.get() in stead of d[] can handle items not in the dict.
>>> d = {'a':'b', 'c':'d'}
>>> s = "a c x"
>>> foo = s.split()
>>> ret = []
>>> for item in foo:
... ret.append(d.get(item,item)) # Try to get from dict, otherwise keep value
...
>>> " ".join(ret)
'b d x'