Making A Smart Regex

I am trying to write a regex that will parse BBcode into HTML using
JavaScript. Everything was going smoothly using the string class
replace() operator with regex's until I got to the list tag.
Implementing the list tag itself was fairly easy. What was not was
trying to handle the list items. For some reason, in BBcode, they
didn't bother defining an end tag for a list item. I guess that they
designed it with bad old HTML 3.2 in mind where you could make a list
by using:

<ul>
<li>item 1
<li>item2
</ul>

However, I need to make this XHTML compliant, so I needed to add the
</li> tag into the mix. Unfortunately, the only way to find where to
put it is to find the next[*] (<li>) tag or an open list (in the case
of nested lists) or close list tag. I was trying to get a rule that
handles the list items to work, but it only matches the first item in
any list. Here is the line of code:

bbcode =
bbcode.replace(/[list(=1|=a|)](.*?)[*](.*?)([*]|[list]|[/list])/g,
'[list$1]$2<li>$3</li>$4');

First, I check to make sure that the list item is inside a list. Then,
I match the[*] tag to find the start of the item, then I match either
the next[*],, orto determine the end of the item.
This successfully prevents a list item outside of a list from being
made into a <li> element, but only matches the first list item in a
list. Is there any way to make this match all occurances of this
pattern without looping over the statement until the pattern can no
longer be found?