Well, regarding THIS example there is no need for regex at all smile
Code:
var %text = hello my name is Johnny and i am good
echo -a $upper($left(%text,1)) $+ $replace($mid(%text,2),$+($chr(32),i,$chr(32)),$+($chr(32),I,$chr(32))) $+ $iif(($right(%text,1) != .),.)

But of course you're right, regexes are quite more handy...