Regex, how do I replace quotation pairs into <LI> & </LI>?

From: Kelvin (thefatcat28_at_hotmail.com)
Date: 10/21/04 

Date: Thu, 21 Oct 2004 18:27:05 +0800

Basically, my texts consists of normal text stream and some quotations.

This is my text stream, and inside "this streams" there are some "quotation
pairs"
which are to be replaced like this: <LI>this streams</LI> for formatting in
HTML.

Tried ___s/\".*?\"/<li>.*?<\/li>/g;___ but not working.

Thanks.
Kelvin