[snaK9]

tested this and i'm not sure how robust it is, but it seems to work..

<?
$thetext = "go to ultrashock! or [LINK]http://www.identd.org/[/link]"; 
$thetext = preg_replace("/\[link=(.*?)\](.*?)\[\/link\]|\[link\](.*?)\[\/link\]/i", "<a href=\"$1$3\">$2$3</a>", $thetext);
echo $thetext; 
?>

use stripslashes like so:

<?
$quotes = "double quotes in my posts \"suck\"!";
echo stripslashes($quotes);
?>