<?php
$re = '/\(link\)(.*?)\(\/link\)/';
$str = "(link)there is &link1(/link), (link)there is link2(/link)";
return "<a href=" . urlencode($m[1]) . "'>" . $m[1] . "</a>"; }, $str);
echo $result;
PD9waHAKCiRyZSA9ICcvXChsaW5rXCkoLio/KVwoXC9saW5rXCkvJzsgCiRzdHIgPSAiKGxpbmspdGhlcmUgaXMgJmxpbmsxKC9saW5rKSwgKGxpbmspdGhlcmUgaXMgbGluazIoL2xpbmspIjsgCiRyZXN1bHQgPSBwcmVnX3JlcGxhY2VfY2FsbGJhY2soJHJlLCBmdW5jdGlvbiAoJG0pIHsKCSAgcmV0dXJuICI8YSBocmVmPSIgLiB1cmxlbmNvZGUoJG1bMV0pIC4gIic+IiAuICRtWzFdIC4gIjwvYT4iOwoJfSwgJHN0cik7CmVjaG8gJHJlc3VsdDs=