Hi
Thank you all very much for your help especially starbucks_mafia for spending so much time in explaining $regex. I used it but it doesn't work for my purposes.
Your code:

if ($regex($1-, /((?:[^\w\s]|_)*)p(?1)e(?1)n(?1)i(?1)s(?1)/Si)) { profanity10 }

will catch even someone who spelled SPANISH as SPENISH wich is not acceptable. I came up with a solution with my limited knowledge of mIRC. May be it will help someone lese like me.

%ln = $1-
if $istok($strip($remove(%ln,*,.,%,/,\,+,-,_,@,!,$,^,~,`,)),penis,32) { profanity10 }

The above line works fine for my purposes. I have no idea why $remove will not take $1- directly so I had to assign it to %ln. I had quite a few bad words to manage and it was really hard and time consuming to type all of them so I created a small .EXE to generate the code.. If someone needs the .exe for code generation, please let me know

sahmed01