TIMTOWTDI
*grin*

tr/a-zA-Z/ /cs;
split;
foreach $_ (@_){
  /^[aeiou]\S*/ ?  $_ .="way " : s/(\S)(\S*)/$2$1ay /;
  print;
}
[download]

This strips newlines and doesn't handle the "th" type cases but it is different than the ones posted above. Post your C++ answer as a point of comparison.
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Crulx
crulx@iaxs.net