If you're likely to use the mapping in reverse often, I'd reverse it:
>>> reversed_dict = dict((v, k) for k, v in dictionary.iteritems())
>>> print reversed_dict
{'1': 'T', '3': 'V', '2': 'U'}
Then you can loop through and just get them out:
>>> word = '12321'
>>> for character in word:
>>> print reversed_dict[character]
T
U
V
U
T
If I've understood your question correctly...!
EDIT
Ok, so here's how this would work with yours:
dictionary = {'A':'&','B':'(','C':''}
reversed_dict = dict((v, k) for k, v in dictionary.iteritems())
word = '&('
new_word = ''
for letter in word:
if letter in reversed_dict:
new_word = new_word + reversed_dict[letter]
else:
new_word = new_word + letter
print new_word
Or, as suggested in the comments, a shorter version:
''.join(reversed_dict.get(letter, letter) for letter in word)