re = /(.*?<\/p>){3}\K/
str = '<p>If you wanna improve yer German, don\'t try to read Heine or some elevated crap... watch old episodes of [callout]Tatort or Bukow & Konig[/callout].</p>
<p>If I were teaching a music appreciation I wouldn\'t teach Beethoven. I\'d teach Stamitz and average composers.</p>
<p>And here is a 3rd paragraph.</p>
<p>And here is a 4th paragraph.</p>
'
subst = '<blockquote class="pullquote">Tatort or Bukow & Konig</blockquote>'
result = str.sub(re, subst)
# Print the result of the substitution
puts 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 Ruby, please visit: http://ruby-doc.org/core-2.2.0/Regexp.html