When you say 'something like this' it looks like what you've got there is XML. I can't say for sure, because 'something like this' covers a lot of defects.
However if it is XML, it's a really bad idea to try and parse it with a regular expression. The reason being that XML is a defined data format with a quite strict specification. If everyone sticks to that spec, then all is fine and dandy.
However, if someone is assuming you will handle their XML as XML, and you're not (because you're using a regular expression), what you will be creating is a brittle piece of code that at some point in the future will just randomly break for no apparent reason - because they stuck to the XML spec, but changed something in an entirely valid way.
So assuming that it is XML, and looks 'something like' the example below - I would suggest using Perl and XML::Twig to parse your data.
#!/usr/bin/perl
use strict;
use warnings;
use XML::Twig;
my $xml;
{ local $/; $xml = <DATA> };
my $data = XML::Twig->new( pretty_print => 'indented' )->parse($xml);
foreach my $element ( $data->root->children('tracker') ) {
my $xid = $element->att('xid');
print $xid, "\n";
foreach my $subelement ( $element->children ) {
if ( $subelement->name eq 'isRequired' ) {
#delete the 'isRequired' line
$subelement->delete;
}
}
}
$data->print;
__DATA__
<xml>
<tracker xid="tracker4795">
<title>MIC-DMI Change Requests</title>
<description>New tracker created </description>
<dateCreated>2010-05-03 15:18:10 EST</dateCreated>
<displayLines>1</displayLines>
<isRequired>false</isRequired>
</tracker>
</xml>