Hm. Here's one way to do it, but I only recommend it for relatively small files (or you may need to tweak your PHP setup).
First, load the file containing everything into a string, like so:
$file_array = file("filename");
/ file loads the file as an array, one line to an array element. So now you want to make it a string. Use join /
$file_string = join("\n", $file_array);
/ now find the bit you're looking for. Use parens to match everything in between the bits you're using as delimiters /
eregi("blaaah -->(.*)<!-- /blaaa", $file_string, $matched_stuff);
/ $matched_stuff[1] Should contain what you want. /
HTH,
AC
HTH