$re = '/(#[^#><]*#)(?=[^>]*<\/cfquery>)/';
$str = '<cfquery datasource="#tablename#">
SELECT * FROM table WHERE name = #test# and #test2#;
</cfquery>';
$subst = "<cfqueryparam value=\"$1\" />";
$result = preg_replace($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