$re = '`\b_*([a-z])[a-z]*(?:\'s)?_*\b[^\n\w]*`i';
$str = 'Halley\'s Comet
First In, First Out
The Road _Not_ Taken
O\'Brian\'s Dog';
$subst = "$1";
$result = preg_replace($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