I have been attempting to make UBB do this for quite some time, and all attempts have resulted in failure to various degrees. My lack of knowledge in perl has been a big hinderance, but I'm starting to actually learn perl now, so hopefully I will be able to move forward a little farther.
As jordo said, and as I've been told before, doing this would basically kill UBB's caching system. It would be fine if you're on a small board or a monster server, because you could just turn the cache off and call it good. But if you're on a board of any decent size and/or if you don't have the best server in the world, it may not be such a good idea because of the sheer processing power required to build every page for every access.
If I ever come up with something that works, I will probably post it here (if I don't go on one of my exclusivity trips again ;)). But don't expect it any time soon.
---Skorpion