I wrote a little javascript to convert Unicode text into character entities. To setup the cross-browser script, create a bookmark or an internet shortcut button with the javascript pasted into the "location" or the "address" field of its property. To use the script, select a string in your browser window that you want to convert, and press the button. If no text is selected when the button is clicked, it will prompt you for input. Press cancel to exit the script. The following script is for copy and pasting:

javascript:p=(document.all)?document.selection.createRange().text:((window.getSelection)? window:document).getSelection().toString();if(!p)void(p=prompt('Text...','')); while(p){q='';for(i=0;i<p.length;i++){j=p.charCodeAt(i);q+=(j==38)?'&amp;': (j<128)?p.charAt(i):'&#'+j+';';}void(p=prompt(p,q));}

The pretty version looks like this:
javascript:
p=(document.all)? document.selection.createRange().text:
  ((window.getSelection)? window:document).getSelection().toString();
if(!p)
  void(p=prompt('Text...',''));
while(p){
  q='';
  for(i=0; i<p.length; i++) {
    j=p.charCodeAt(i);
    q+=(j==38)?'&amp;':(j<128)?p.charAt(i):'&#'+j+';';
  }
  void(p=prompt(p,q));
}
Update 4/17/2003: Better cross-browser support. ASCII characters are now handled differently.