$re = '/[^.?!]*(?<=[.?\s!])was exactly(?=[\s.?!])[^.?!]*[.?!]/im';
$str = 'As she did so, a most extraordinary thing happened. The bed-clothes gathered themselves together, leapt up suddenly into a sort of peak, and then jumped headlong over the bottom rail.
It was exactly as if a hand had clutched them in the centre and flung them aside .
Immediately after, .........';
$subst = "";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php