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No. Variables (and special characters) only expand in strings delimited with double quotes. If you want to include a variable in a single-quote delimited string, you have to concatenate it instead:
echo 'I love my '.$variable.'.';
You could also escape the double quotes of your HTML if you'd rather use strings delimited by doble quotes:
echo "<a href=\"$url\">$text</a>";
See the PHP manual on strings, especially the part on string parsing, for more information.
No. ' will not parse variables. use
echo 'I love my '.$variable.'.';
or
echo "I love my {$variable}. And I have \" some characters escaped";