s/\b((qu|[bcdfghjklmnpqrstvwxyz]+)?([a-z]+))/$2?$3.$2."ay":$1."way"/eg;

##</code><code>##

#!/usr/bin/perl -w

my $test = "that is the time for all good men to come to the aid of their country.";
$test=~s/
         \b                            # start of word
         (                             # capture all to $1
           (                           # this is $2
             qu                        # word starts with qu
             |                         # or
             [bcdfghjklmnpqrstvwxyz]+  # a consonent
           )?                          # but it's optional
           (                           # this is $3
              [a-z]+                   # rest of word
           )
         )
        /$2 ? $3.$2."ay" : $1."way" /xeg;   # if $2 evaluates as true then 
                                            # put it at end of word and add "ay"
                                            # otherwise, just add "way"
print $test;