Read here:
http://www.php.net/manual/en/function.preg-match.php
Specifically the proto:
int preg_match (string pattern, string subject [, array matches])
So, what you want is:
preg_match("/<textarea cols=80 rows=53 wrap=VIRTUAL>(.*?)<\/textarea>/sm", $filedata, $body);
Then $body[1] should contain what you want. Actually, one more change is a question mark after the , makes the non-greedy. Hope that helps.
Chris King