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The "the_content" filter is used to filter the content of the post after it is retrieved from the database and before it is printed to the screen.
A plugin can register as a content filter with the code:
<?php add_filter( "the_content", "plugin_function_name" ) ?>
Where "plugin_function_name" is the function WordPress should call when the content is being retrieved. Note that the filter function the plugin defines must return the content after it is finished processing, or site visitors will see a blank page and other plugins also filtering the content may generate errors.
http://codex.wordpress.org/Plugin_API#Create_a_Filter_Function