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I think you want the following:
"my friend u.c.l.a i c u. c that thing? u c that thing?".gsub!(/\bu(?!\.(?!\s))\b/i, 'you')
you regex pattern should look like this
"my friend u.c.l.a i c u. c that thing? u c that thing?".gsub! /\bu(?!\.(?!\s))\b/i, "you";