preg_replaceregexes need to be distinguished. So, firstly, try to include the regex in slashes. Secondly, I do not understand your regular expression. Something simple how it /(\w+):/should work.
preg_replace("/(\w+):/", "<br><br><b>$1</b><br>", $text);
@AndiLeeDavis :
$mtext = preg_replace("/\.?\s*([^\.]+):/", "<br><br><b>$1</b><br>", $text);
if (strcmp(substr($mtext, 0, 8), "<br><br>") == 0) $mtext = substr($mtext, 8);