What's the best way to parse out a url string using the String object in Flash

I’m creating a CMS(Content Management System) tool so that users can change text and the changes be reflected in a text window in flash . The text that the user enters in the CMS tool will be stored in the database.

In flash I want to parse the string that I get from the database and look for URL strings that start with http “[color=#003366]http://www.someurl.com” and parse out that substring. [/color]
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[color=#003366]For example the string could be “Please vist my site at http://www.site.com”. I would want to parse out the http://www.site.com [/color]
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[color=#003366]If I find this url string I want to pre-pend the a href tag <a> and append the closing </a> tag to the string so that this link will be clickable from the textfield. [/color]
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[color=#003366]Does flash have an object that deals with Regular Expressions?[/color]
[color=#003366]I’ve looked at the String object in flash but not sure how to achieve this task[/color]

[color=#003366]I’m currently working on this so any ideas?[/color]
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