$re = '/\B\*\b([^*]*(?:\b\*\b[^*]*)*)\b\*\B/x';
$str = 'The well known *H*rry P*tter*.';
$subst = "<em>\1</em>";
$result = preg_replace($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