have you tried something like this?
$text = preg_replace("/(?<!http:\/\/)(?:^|\b)(((www\.))([\w\.]+)([,:%#&\/?~=\w+\.-]+))(?:\b|$)/is", "<a href=\"http://$1\" target=\"_blank\">$1</a>", $text);
the message board is adding some unintended line breaks.
text = preg_replace("/(?<!http:\/\/)(?:|\b)(((www.))([\w.]+)([,:%#&\/?~=\w+.-]+))(?:\b|$)/is","<a href=\"http://$1\" target=\"_blank\">$1</a>", $text);
see user notes at [man]preg_replace[/man]