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~/perl/monks$ cat test_tilde.pl 
#!/usr/bin/perl
...
$test =~ s|example\.com|12\.23\.56\.78\/\~example|g;

print $test, "\n";

~/perl/monks$ ./test_tilde.pl 
This is a test
...
of a replacement 
string, really (12.23.56.78/~example) 
and truly.