[Xenon]

sorry pal, but this isn't possible anymore.
this way you mentioned was possible in vb1.x

other methods:
you can create a replacement-code with that word and it's replacement:
advantage: fast way
disadvantage: when someone edits the post the replacement is also parsed and becomes html code in edit box

or you can edit admin/functions.php
find:

PHP Code:

function bbcodeparse2($bbcode,$dohtml,$dobbimagecode,$dosmilies,$dobbcode)
{ // parses text for vB code, smilies and censoring

  global $DB_site,$wordwrap,$allowdynimg, $bbuserinfo;

  static $smilies,$bbcodes;
  global $regexcreated,$searcharray,$replacearray,$phpversionnum;

  if($wordwrap!=0) {
    $bbcode=dowordwrap($bbcode);
  } 


below add:

PHP Code:

  $bbcode=str_replace("microsoft","[url]http://www.microsoft.com[/url]",$bbcode); 


carefull: the code is casesensitiv