Oh ok now I see why you want $regsubex :
Code:
alias rtest {
  var %server_str =  :FlashIrcServer.1 353 Paul = $(%#!!Roomy,0) :UMPV,.Damien UUNV,@Sarah UMNV,@Sid UMNV,.Manny[4]
  var %pattern = /(...(.) $+ $chr(44) $+ ([.@]+)?(\S+))/g
  tokenize 32 %server_str
  var %output = $1-5 : $+ $regsubex($right($6-,-1),%pattern,$+($iif(\4,\3),$iif(\2 == V,+),\4))
  echo -a %output
}

#mircscripting @ irc.swiftirc.net == the best mIRC help channel