Needs help converting deprecated line of PHP

Hi, I am using php 5.3 and this line won't work because ereg was deprecated in 5.3 and no longer works. I don't know php very well at all yet so I'm not sure what I need to do to change this line of code to preg (besides the obvious replacing the "e" in ereg with a "p" for preg)

if( $hyperlinks ) $status = ereg_replace("[[:alpha:]]+://[^<>[:space:]]+[[:alnum:]/]", '\', $status);
return($status);

Thanks!
Colin