bbcode tagging will work, and just link to the users profile, but that's all it will do, it would be a far to complex script to make it notify each and every user of every mention.
This is the bbcode:-
Quote:
<a href="member.php?username={param}">{param}</a>
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Besides, I for one wouldn't like to be notified of every single person that mentions my nick or quotes me somewhere on the board, it could be like mass spamming via pm because I'm so popular