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Drupal 6 Answer:

Short answer is hook_token_values().

This hook will allow you to create tokens. You can create them in the global scope or you can use an object like a node, or a user to seed the values.

You should also use hook_token_list() to explain what your hooks are.

The token.api documentation is quite clear.

function my_user_token_values($type, $object = NULL, $options = array()) {
  if ($type == 'user') {
    $user = $object;
    $tokens['name']      = $user->name;
    $tokens['mail']      = $user->mail;
    return $tokens;
  }
}

I won't X post the whole thing but that should give you a high level idea.