You can not do this easily (or in fact at all) with off the shelf tools (but you can do it with notepad, go figure). But if you are willing to invest in a server running suitable software and font library. Then a system like that could be built for you. Bear in mind that this system most probably costs you more than what your normal client's are willing to pay so you will need a volume of clients.
Off course this isn't exactly no software needed. But could be built. Its not terribly hard but runs against the business interest of most design shops.