$re = '/(?<!\S)(?:\&\&|\|\|)(?!\S)/m';
$str = 'good && toast&&guest &fast& slow||wind ||old|| new || very good';
$subst = "<<\g<0>>>";
$result = preg_replace($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