View source in your browser,
Two examples showing where you can put delimiters and modifiers (s=treat as single line U=ungreedy play around by removing it to see the results).
$str = '<!--FIND123FIND-->
<!--FINDabcFIND-->';
$pattern = '~<!--(.*)-->~sU';
$pattern2 = '<!--(.*)-->';
$replace = '<!--hello-->';
$out = preg_replace($pattern, $replace, $str);
echo $str."\n";
echo $out."\n";
preg_match_all("~$pattern2~sU", $str, $out2);
echo'<pre>'; print_r($out2); echo '</pre>';