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[ZiNgA BuRgA]

I'm not sure whether using an image bbCode tag is the correct way to go about it.  For example, if the image is changed in any way, the URL gets changed too, so, not really ideal.
MyBB's solution to use something like [attachment=id] makes a bit more sense.
Would likely require at least some conditionals to perform replacements and existing posts would need to be manually ported across...

Though if all you care about is preventing hotlinking, it makes more sense to configure the webserver to perform the block rather than do something with PHP.