The goreSplatter method works, and you should use it if you really need it, but here is an alternative only for hits:
extract(array_flip($myarray));
This will create variables that will initially store the integer value corresponding to the key of the original array. Because of this, you can do something ridiculous:
echo $myarray[$other]; // outputs 'other'
echo $myarray[$lastelement]; // outputs 'lastelement'
Wildly rewarding.