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$foo = "<italic>Here's a <bold>larger<normal> paragraph, <italic>where
+ I'm<norma
l> going to <bold>bold some <italic>";
...
#foo.gsub!(/(?<=<italic>)(?<!<normal>)(.*?)<bold>/, '\1<bold-italic>')
$foo =~ s/(?<=<italic>)(?<!<normal>)(.*?)<bold>/\1<bold-italic>/g;
print "foo after:\n$foo\n";

# Output is...
# <italic>Here's a <bold-italic>larger<normal> paragraph, <italic>wher
+e I'm<normal> going to <bold-italic>bold some <italic>

# However, should be...
# <italic>Here's a <bold-italic>larger<normal> paragraph, <italic>wher
+e I'm<normal> going to <bold>bold some <italic>