All you need to do is create a table to receive the output of the stored procedure via the INSERT statement:

CREATE TABLE #msver  
  (index_val INT,
   name VARCHAR(50),
   internal_value INT,
   character_value VARCHAR(255))

INSERT #msver
   EXEC master.dbo.xp_msver

>I need to write a procedure that receives a database name as a parameter. The procedure must:
>
>1) look up some information (several fields) from that database (+ a known table name) and store it in variables (or something)
>
>2) do further processing with those values in the main procedure.
>
>The problem is that in order to do #1, I must use dynamic SQL - and I see no way to "get the information back out" of that dynamic SQL execution for use in the rest of the main procedure. Any variables I try to assign are "local" to the dynamic SQL execute as are any temp tables I create. I could create a global temp table, but that is not my preferred choice.
>
>How do you do this?
>
>TIA!