Sub Demo()
Application.ScreenUpdating = False
Dim StrRep As String, i As Long, j As Long
StrRep = "red|white|blue"
With ActiveDocument.Range.Find
  .ClearFormatting
  .Replacement.ClearFormatting
  .Forward = True
  .Wrap = wdFindContinue
  .MatchWildcards = True
  .Text = "<VAR>"
  For i = 0 To UBound(Split(StrRep, "|"))
    .Replacement.Text = Split(StrRep, "|")(i)
    For j = 1 To 24
      .Execute Replace:=wdReplaceOne
    Next
  Next
End With
Application.ScreenUpdating = True
End Sub