$re = '/<img(.*?)\/(.*?)\/(.*?)\.gif">/m';
$str = '<img style="cursor:pointer;" onclick="S("lightfly")" src="chat/smiles/smiles_lightfly.gif"> <img style="cursor:pointer;" onclick="S("laugh")" src="chat/smiles/smiles_laugh.gif">';
$subst = ":$3:";
$result = preg_replace($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