$re = '/<iframe\s+.*?\s+src=(".*?").*?<\/iframe>/';
$str = '<p><iframe allowfullscreen="" class="media-element file-default" data-fid="2219" data-media-element="1" frameborder="0" height="360" src="https://www.youtube.com/embed/sNEJOm4hSaw?feature=oembed" width="640"></iframe></p>';
$subst = "<a href=$1>Link to youtube</a>";
$result = preg_replace($re, $subst, $str, 1);
echo "The result of the substitution is ".$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