Simple PHP script to format some text

IN PROGRESS
Bids
10
Avg Bid (USD)
$30
Project Budget (USD)
$30 - $30

Project Description:
I need a small php script that will allow me to paste a list like this (up to 20k entries) this into a web form:

http://www.youtube.com/watch?v=FBUgcR85Eu0
http://www.youtube.com/watch?v=FBUgcR85Eu1
http://www.youtube.com/watch?v=FBUgcR85Eu2
http://www.youtube.com/watch?v=FBUgcR85Eu3
http://www.youtube.com/watch?v=FBUgcR85Eu4


And this will be the output:


-----

-----

-----

-----

The actions needed are:

1) Find/replace to replace watch?v= with embed/

2) Add to the end of the line

4) Between lines: ------

Skills required:
PHP
About the employer:
Verified
Public Clarification Board
Bids are hidden by the project creator. Log in as the employer to view bids or to bid on this project.
You will not be able to bid on this project if you are not qualified in one of the job categories. To see your qualifications click here.