Does javascript have an equivalent to PHP’s preg_replace_callback?

I have a php function that executes inside an add_meta_box() in the WP content editor (see below) that I would like to convert to javascript so that it executes on a button click (on demand vs automatic on load) to convert the post content in real time (without posting to the server).

Is there an equivalent method set in javascript?

add_meta_box('mycontentfilter', __('My Content Filter'), 'my_content_filter', 'post', 'side', 'high'); 

function my_content_filter()
{
    global $post;
    $mykeyword = 'find this phrase';
    $post->post_content = preg_replace_callback("/b($mykeyword)b/","doReplace", $post->post_content);
}


// the callback function
function doReplace($matches)
{
    static $count = 0;
    switch($count++) 
    {
        case 0: return '<b>'.$matches[1].'</b>';   // 1st instance, wrap in bold
        case 1: return '<em>'.$matches[1].'</em>'; // 2nd instance, wrap in italics
        case 2: return '<u>'.$matches[1].'</u>'; // 3rd instance, wrap in underline
        default: return $matches[1];              // don't change others.
    }
}