liberate - check the readme for a good explination of the categories.
Essentially, you can define replacement code as item level, category level or global level.
For instance, if your item and category replacements are blank, but your global replacement is:
<a href='$link' target='_blank' class='DEF' title='$description'>$text</a>
then it will use that code.
$link is the url you specify, $description is the alt text and $text is the word that gets replaced.
LImey - the replace should be case insensitive anyway so it wouldnt make much sense (unless of course there is a bug where its not being case insensitive

)
Just wait till 4.0 - Its seriously sweet