for example, out $content is:
START
FIRST AAA
SECOND AAA
1) if you use:
$content = preg_replace('/START(.*)AAA/', 'REPLACED_STRING', $content);
it will change everything from the START to the last AAA and Your result will be:
REPLACED_STRING
2) if you use:
$content = preg_replace('/START(.*?)AAA/', 'REPLACED_STRING', $content);
Your Result will be like:
REPLACED_STRING
SECOND AAA