in reply to Why doesn't non-greediness work?

For this specific case, you just need to swap those two substitutions round - the first one is grabbing everything from the first "<img" all the way through to "Smiley".

HTH
Ben

Update Ha! - beaten to the draw :) Notice we're both talking about this particular case though - if you want a generalised "swap my smilies anywhere", you'll need to rethink the regex.

Cheers,Ben.