if you expect them to use the format 01/01/05 (is that supposed to be dd/mm/yy or mm/dd/yy?), you might use
explode('/', $_POST['dob'])
to get the different parts, and simply put them in correct order to be inserted into the database.
but: with one textfield they are free to use 01.01.05 or whatever (by accident or on purpose), so you'd probably either split the textfield to 3 separate fields (or even selects), or very carefully validate the date (see checkdate())