i think i see what you're after.
you've got a list of search terms, right? so, read them into an array called (for convenience) $terms[]
then
while (list($junk, $word)=each($terms)) {
$text=eregi_replace("(".$word.")", "<b>\1</b>", $text);
}
alternatively, this is quicker (i think) but more obscure
$match=implode("|",$terms);
$text=eregi_replace("(".$match.")", "<b>\1</b>", $text);
does that answer your question?
--
rad