$re = '/(?<=\/\/:)[\r\n]*(.*?)(?=[\r\n]*\/\/\~[\r\n]*\*)/s';
$str = '*Listing 1.
//:
some code
//~
*
*Listing 2.
//:
some new code
//~
*';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
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