Unless you can guarantee that $color is always a string without meta characters, this is safer: 
$raw = '$parsed = "fred has \Q$color\E eyes";';
eval $raw;
print $parsed;

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"What should it profit a man, if he should win a flame war, yet lose his cool?"

In reply to Re^2: Re-Interpolating a Scalar (a string) by Joost
in thread Re-Interpolating a Scalar (a string) by Nichodemus

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