If arg2 and arg3 are, or can be, arguments/contextual filters in the View in question, you should be able to use !1 and !2 in the rewrite.

I am ignoring arg1 as that really can't easily be dynamic.

ADDITION:

This could be another case of my assuming D7 hasn't gotten rid of D6 features, but a quick screen grab here (I don't have a D7 testbed handy right at this sec, sorry) shows this as part of rewrite when arguments are present:

This is a quick View with two arguments, a node nid and type, and when I rewrite this field (the title), I can put in Hello [title] where nid is !1 and type is !2 and it works.

If arg2 and arg3 are, or can be, arguments/contextual filters in the View in question, you should be able to use !1 and !2 in the rewrite.

I am ignoring arg1 as that really can't easily be dynamic.

ADDITION:

This could be another case of my assuming D7 hasn't gotten rid of D6 features, but a quick screen grab here (I don't have a D7 testbed handy right at this sec, sorry) shows this as part of rewrite when arguments are present:

This is a quick View with two arguments, a node nid and type, and when I rewrite this field (the title), I can put in Hello [title] where nid is !1 and type is !2 and it works.

2ND ADDITION:

Even though this answer no longer is valid to the issue at hand (see abounding comments on both answers), @Molot did confirm that these replacement patterns are available in D7:

so perhaps this and his answer will help someone else looking out there.

If arg2 and arg3 are, or can be, arguments/contextual filters in the View in question, you should be able to use !2 and !3 in the rewrite.

I am ignoring arg1 as that really can't easily be dynamic.

If arg2 and arg3 are, or can be, arguments/contextual filters in the View in question, you should be able to use !1 and !2 in the rewrite.

I am ignoring arg1 as that really can't easily be dynamic.

ADDITION:

This could be another case of my assuming D7 hasn't gotten rid of D6 features, but a quick screen grab here (I don't have a D7 testbed handy right at this sec, sorry) shows this as part of rewrite when arguments are present:

This is a quick View with two arguments, a node nid and type, and when I rewrite this field (the title), I can put in Hello [title] where nid is !1 and type is !2 and it works.