Sweet.
Looks like the function below is the one to edit. So if I rewrite the regex to recognize the tags [label] and [/label], replace those by <span class='cool_label'> and </span>; then add the css class in the customization tab; that should do it right? Anything else I need to do to ensure html tags get rendered?
function piratize (text) {
return text.replace(/\b(am|are|is)\b/ig, "be")
.replace(/ing\b/ig, "in'")
.replace(/v/ig, "'");
}