replace(/\s|:/gm, "") wtheck

I was translating a flash object into a C++ object and I ran into this..

public static function toArray(param1:String) : ByteArray
{
    param1 = param1.replace(/\s|:/gm, "");

What in the world is "/\s|:/gm"? can anyone give me an explanation or link to some documentation?

>>2,3,5
What is wrong with you?
>>4
Get the fuck out.