You're not doing anything with the replaced values. Try:
var imgTitle = "fizz";
var imgTitle2 = "fizz";
var imgInfo = "buzz";
var imgSrc = "foo";
var liHTML = "";
// Search and replace all dummy values.
liHTML = liHTML.replace("IMG_TITLE", imgTitle);
liHTML = liHTML.replace("IMG_TITLE2", imgTitle2);
liHTML = liHTML.replace("IMG_SRC", imgSrc);
liHTML = liHTML.replace("IMG_INFO", imgInfo);
alert(liHTML);