Here are some changes I'd make:

• Don't escape the parens
• Only capture the things you are using
• Use the xdigit character class
• Use + instead of *

use warnings;
use strict;

while (my $line = <DATA>) {
    if ($line =~ m/"P7"\:/) {
      if ( $line =~ /Mem:(0x[[:xdigit:]]+) to Mem:(0x[[:xdigit:]]+)/) 
+{
        print "First Value  $1 \n";
        print "Second Value $2 \n ";
      }
    }
}

__DATA__
P7: "P7":  place in [from Mem:0x5ffa5800 to Mem:0x60077fff]
[download]

Hi Apologies for the lack of tags. The regex supplied worked perfectly and I want to thank you

Another way, although close to toolic's and guessing a bit about the actual string (\K available with Perl 5.10+):

>perl -wMstrict -le
"use 5.010;
 ;;
 my $P7 = '\"P7\": place in [from Mem:0x5ffa5800 to Mem:0x60077fff] {'
+;
 print qq{'$P7'};
 ;;
 if ($P7 =~ m{ \"P7\" }xms) {
   my ($h1st, $h2nd) = $P7 =~ m{ 0[Xx] \K [[:xdigit:]]+ }xmsg;
   print qq{first value '$h1st'  second value '$h2nd'};
   }
 else {
   print q{no '\"P7\"'};
   }
"
'"P7": place in [from Mem:0x5ffa5800 to Mem:0x60077fff] {'
first value '5ffa5800'  second value '60077fff'
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And yes, please, please use code tags, proper readable formatting in future.

Update:Here's the best I could get out of your code as written; I am sure I mistranslated something in the effort to compensate for the lack of <code> and </code> tags.

#!/usr/bin/perl -w

use strict;

# ---------------[ Original request ]---------------
# I have a string: P7: "P7": place in [from Mem:0x5ffa5800 to Mem:0x60
+077fff]
# { I need to extract both Hex Values and subtract value 2 from value 
+2
# There are allot of ways to parse a astring and wanted to be a little
+ more elegant in the approach.
# I am not getting an matches at all with this and it should work.


my    $line = "P7: \"P7\": place in [from Mem:0x5ffa5800 to Mem:0x6007
+7fff]";
print "\$line = '$line'\n";

if ($line =~ m/"P7"\:/)
{
    print "\$line matches P7\n";
    if ( $line =~ /\(.*Mem:\)\(0x[0-9a-fA-F]*\)\( to Mem:\)\(0x[0-9a-f
+A-F]*\) )
    {
        print "First Value $2 \n";
        print "Second Value $4 \n ";
    }
    else
    {
        print "Did not match second test\n";
    }
}

exit;

__END__

C:\Steve\Dev\PerlMonks\P-2013-09-23@1223-HexCalc>HexCalc.pl
Search pattern not terminated at C:\Steve\Dev\PerlMonks\P-2013-09-23@1
+223-HexCalc\HexCalc.pl line 18.
[download]