I have to concur with all the other answers that this is a very bad idea, but each of the existing answers uses a somewhat roundabout method to achieve it.
PHP provides a function, extract, to extract variables from an array into the current scope. You can use that in this case like so (using explode and array_combine to turn your input into an associative array first):
$choices = $_POST['choices'] ?: ""; // The ?: "" makes this safe even if there's no input
$choiceArr = explode(',', $choices); // Break the string down to a simple array
$choiceAssoc = array_combine($choiceArr, $choiceArr); // Then convert that to an associative array, with the keys being the same as the values
extract($choiceAssoc, EXTR_SKIP); // Extract the variables to the current scope - using EXTR_SKIP tells the function *not* to overwrite any variables that already exist, as a security measure
echo $banana; // You now have direct access to those variables
For more information on why this is a bad approach to take, see the discussion on the now deprecated register_globals setting. In short though, it makes it much, much easier to write insecure code.