[Lizard King]

If anyone needs this for custom profile fields just add a plugin with the following content :
hook location : member_complete

if ($userinfo['field2'])
{
if (!is_object($bbcode_parser))
{
    require_once(DIR . '/includes/class_bbcode.php');
    $bbcode_parser =& new vB_BbCodeParser($vbulletin, fetch_tag_list());
}
$userinfo['field2'] = $bbcode_parser->parse($userinfo['field2'],0, true);
}

Change field2 to suit your needs.