To extract the image source from this:
<p><img alt="" src="/images/logo.jpg" style="width: 300px; height: 97px;" /></p>
Use preg_match to extract the image src:
$img = stripslashes($source);
$str = preg_replace('#<p>.+?src=[\'"]([^\'"]+)[\'"].+</p>#i', "$1", $img);
$source = trim($str);