Word replacement filter

[Anyoldname]

I've had a look around for a word replacement mod, but I can't seem to find quite what I am after.
I want to find something that works, dare I say it, like my old phpbb2 bad word filter, where I can set a word, for example 'Ugly' and then set a word, or even multiple words to replace it, for example 'not so pretty'. I could put an * either before or after the word to be replaced if I wanted all examples to be replaced, otherwise the exactl word only would be replaced.

Ideally, what I'd like to be able to do is replace words with html or BB code so that I could do this.
Vbulletin mods gets replaced with <a href="http://www.vbulletin.org>Vbulletin mods</a>

The final output to be something like: I have some Vbulletin mods on my forum.

Anyone know of any kind of mod that might be able to do this? It would be great for creating internal links to particular FAQ when people type common questions.