I've copied Your code, but now forum does not convert it at all, like it didn't know that bbcode.
And when I use my bbcode, as [item]Ravager's Axe[/item] it is converted to
HTML Code:
<a href="http://tibiaspy.com/index2.php?p=item&itemname=Ravager%27s%20Axe" onmouseover="ajax_showTooltip('ajax_item.php?itemname=Ravager's Axe ',this);return false" onmouseout="ajax_hideTooltip()">Ravager's Axe</a>
as you can see, ' inside ajax_showTooltip closes parameter of that function, and so function does not work correctly.