Improved word quoting regex

I reworked the single arrow quotes to be a bit more versatile.
Here's an example of how the rewrite handles single quoting:
![ss 2014-11-12](https://cloud.githubusercontent.com/assets/8890546/5008663/5ecd2756-6a24-11e4-8e41-f3a4b8c208a5.png)

Feedback is appreciated.