PHP: Convert links into clickable hyperlinks

<?php
function makeClickableLinks($text)
{ 
$text = eregi_replace('(((f|ht){1}tp://)[-a-zA-Z0-9@:%_\+.~#?&//=]+)','<a href="\\1">\\1</a>', $text);
$text = eregi_replace('([[:space:]()[{}])(www.[-a-zA-Z0-9@:%_\+.~#?&//=]+)','\\1<a href="http://\\2">\\2</a>', $text);
$text = eregi_replace('([_\.0-9a-z-]+@([0-9a-z][0-9a-z-]+\.)+[a-z]{2,3})','<a href="mailto:\\1">\\1</a>', $text);  return $text;
}

// Usage// Email address example$text = "you@example.com";echo makeClickableLinks($text);echo "<br /><br />";
// URL example$text = "http://www.example.com";echo makeClickableLinks($text);
echo "<br /><br />";// FTP URL example$text = "ftp://ftp.example.com";echo makeClickableLinks($text);

?>