I have the same problem/question... it seems to me that the GoogleAPI is really only interesting when done with search terms that are variables, not fixed value (otherwise I could just chuck the content in manually or via PHP.)
On each of the entries at karlo.org I put a "Google!" link that currently links to a search on google (using terms in the entry's excerpt field). I'd love to have that change to a list of say the top 5 results (just for the newest entries on my home page.)
If I can't insert the exerpt text into the GoogleAPI query field, then I have no way of creating this search at build time. Any ideas? If I can't figure it out this way, I'll have to write the 5 most recent entries' search terms to a file, then have PHP retrieve the entries and put them in includes.