Parse value Function to SP in SQL 7

Hi Experts,
This is a funtion to Parse values. This is working fine in sql 2000. Since FUNCTION is not supported in SQL 7, it is not working.
Can anyone modify(into Store Procedure) in such a way that it can execute in SQL 7
CREATE FUNCTION ParseValues
(@String varchar(8000),
@Delimiter char(1)
)
RETURNS @RESULTS TABLE
(ID int identity(1,1),
Val varchar(100)
)
AS
BEGIN
DECLARE @Value varchar(100)

WHILE @String is not null
BEGIN
SELECT @Value=CASE WHEN CHARINDEX(@Delimiter,@String) >0 THEN LEFT(@String,CHARINDEX(@Delimiter,@String)-1) ELSE @String END,
@String=CASE WHEN CHARINDEX(@Delimiter,@String) >0 THEN SUBSTRING(@String,CHARINDEX(@Delimiter,@String)+1,LEN(@String)) ELSE NULL END
INSERT INTO @RESULTS (Val)
SELECT @Value
END
RETURN
END
Thanks in advance.

Thanks for your reply.
While executing the script im getting error
Server: Msg 170, Level 15, State 1, Procedure ParseValues, Line 20
Line 20: Incorrect syntax near '#RESULTS'.
Please help me in fixing this.

Thank you .
It is working fine