Quick help with regular expressions

Okay, here is my string I'm working with.

"Todd taught me to move towards upper right-hand side to attack and kill #bJr. Sentinel#k"

I want it to turn into this:

"Todd taught me to move towards upper right-hand side to attack and kill [noparse]Jr. Sentinel[/noparse]"

Here's how I'm currently doing it:

Regular expression --> #b[\w ]*#k
Then snip off the ends (#b and #k)
Then add my tags ([noparse] and [/noparse])
Then do a string replace("[noparse]Jr. Sentinel[/noparse]" for "#bJr. Sentinel#k")

There's got to be a faster, more efficient way of doing this in Python. Any ideas?