finding a link in large text blob

Is everyone ignoring me?? This is the third time I have asked for assistance on this... Is there an easy way (say using eregi_replace) to find a link reference in a blob of text and add the <a href> anchor around it? Something like: "text has a link to a website at http://www.whatever.com/mydirectory/mypage.html ..." and converts it to "text has a link to a website at <a href='http://www.whatever.com/mydirectory/mypage.html'>website</a> ..." My thoughts are that I should be able to do something like a eregi_replace, finding any occurances of http:// and trapping all non-space characters following it to convert to the anchor. But what about multiples? How do I rebuild the text with the substitute strings? Thanks in advance Terry