$re = '/<link>(\w*)<\/link>/m';
$str = 'This is a sample text containing a link <link>testlink</link>. And another link <link>testlink2</link>';
$subst = "<a href=\"tooltip('\1')\">\1</a>";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php