... Executing Stored Procedures In An INSERT Statement ...

I am trying to simulate the <sequence name>.nextval of oracle in SQL Server 2000.

The situation is that i need to be able to run programmatically INSERT statements. In Oracle I am able to do INSERT INTO TABLE_A (ID, NAME) VALUES (TABLE_A_SEQUENCE.NEXTVAL, 'MIKKO') in a single prepared statement in my code.

I know that to recreate this in SQL Server 2000 I need to create a stored procedure and table to set up a way to generate "the next value" to use in my INSERT. but the schema below forces me to do my insert in 2 steps (first, to get the next value. second, to use that value in the INSERT statement), since I cannot execute the stored procedure inside my INSERT statement.

Is there any way for me to generate values within my INSERT statement that would simulate Oracle's <sequence name>.nextval and allow me to execute my INSERT in 1 line of code?

TABLE
-----
CREATE TABLE sequences (
-- sequence is a reserved word
seq varchar(100) primary key,
sequence_id int
);

MS SQL SERVER STORED PROCEDURE:
-------------------------------
CREATE PROCEDURE nextval
@sequence varchar(100)AS
BEGIN
-- return an error if sequence does not exist
-- so we will know if someone truncates the table
DECLARE @sequence_id int
set @sequence_id = -1

UPDATE sequences
SET @sequence_id = sequence_id = sequence_id + 1
WHERE seq = @sequence

RETURN @sequence_id
END