#!/usr/bin/perl
use strict;
use warnings;

my %edits = ( '***' => 'stars', '|||' => 'stripes' );
my $value = '*** and |||';
my $match = '(' . join('|', map { quotemeta } keys %edits) . ')';

$value =~ s/$match/$edits{$1}/g;

print $value; # Prints "stars and stripes"