gistfile1.inc

<?php
function get_image_from_content($content) {  
  // Define the pattern to search
  $szSearchPattern = '~<img [^\>]*\ />~';
  
  // Run preg_match_all to grab all the images and save the results in $aPics
  preg_match_all( $szSearchPattern, $content, $aPics );
  
  // Count the results
  $iNumberOfPics = count($aPics[0]);
  
  // Check to see if we have at least 1 image
  if ( $iNumberOfPics > 0 )
  {
    return $aPics[0][0];
  };
  return "<img class="default" src='".bloginfo("template_directory")."'/images/default.jpg' alt='Photo Coming Soon' width='60' height='60' />";
}
?>