Jquery :: Replace / Remove From String Using Array?

I'm trying to figure out how I replaces/removes parts of text in string in realtime using jQuery. This is what I got now:

PHP Code:
$str = 'This is a <b>test</b>. Its not going well!';
echo '<div class="element">';
echo '<span>'.$str.'</span>';
echo '</div>';
echo '<p>Remove</p>'; 
Code JavaScript:
$('p').click(function() {
$('.element span').each(function() {
var test = array('<b>','</b>','well');
//var test = 'not';
console.log($(this).text());
var text = $(this).text().replace(test, '');
$(this).text(text);
});
});

The problem: As above nothing happens. If I use the var test = 'not'; instead of the array part it works except it also removes the <b> tags? How do I get the array part to work and why is it removing htmltags when executed?