Quote:
Scent of a Woman -> S*e*t O* A W*m*n


I beleive your example is incorrect by the way. to what you requested at least.

Scent of a Woman -> S*e*t *f * W*m*n
Scent Of A Woman -> S*e*t O* A Wo*a*

Anyway, assuming its what ya requested, try this usage is $makestars(<your text here>)
* Your text should be any one line of text, not exceeding 400 characters.

Code:
alias makestars {
  var %text = $replacecs($1-,*,$cr,$chr(32),$lf,a,*a,b,*b,c,*c,d,*d,e,*e,f,*f,g,*g,h,*h,i,*i,j,*j,k,*k,l,*l,m,*m,n,*n,o,*o,p,*p,q,*q,r,*r,s,*s,t,*t,u,*u,v,*v,w,*w,x,*x,y,*y,z,*z)
  var %i = 1
  while ($pos(%text,*,%i)) {
    var %text = $+($left(%text,$calc($v1)),$mid(%text,$calc($v1 + 2)))
    inc %i
    if ($pos(%text,*,%i)) {
      var %text = $+($left(%text,$calc($v1 - 1)),$mid(%text,$calc($v1 + 1)))
    }
  }
  return $replace(%text,$cr,*,$lf,$chr(32))
}