I am a bit confused by your code. Does the "code" array store the Regex patterns? It doesn't make any sense.
Also, your pattern is wrong: "Regex test = new Regex(\\[:\\)\\]);" <-- you must specify the start "^" and end "$" of the pattern and even if you do, its highly generic and its likely to match abstract strings. I still don't see what exactly you are trying to match.
Can you provide some examples?
Judging by the looks of what you are trying to do, you don't need regex. Its a common misconception to believe regex is fast. In fact, regex is much slower than normal text parsing and you seem to be just wanting to do some simple string operations. You are much better of using normal string parsing/replacement. It will be a lot faster and cleaner. Especially since you seem to be using this in a bulleting board kinda environment, regex is comparatively more CPU intensive. 100s of thousands of requests at the same time could probably kill your server.
P.S ArrayList is seriously outdated. Might want to think about using generics instead? System.Collections.Generic 