ALIAS MODIFIER:
  This is a special quoting modifier.  Use of this modifier tells
  IRCII that you wish certain characters in the converted text to be
  quoted using the \ character.  The form of this modifier is:
    $^c<sequence>
  where c is the character to be quoted, and <sequence> is one of the
  special sequences.  For example, you may wish to do the following:
    alias foo eval echo $^$*
  and you do
    foo This is a $Test
  Since $ expressions are parsed first, the $^$* is the first thing
  parsed.  The ^$ part tells IRCII to quote all $ in the resultant
  string.  So, the $^$* is expanded just like $* and becomes:
    This is a $Test
  and the ^$ causes it to quote all $, which becomes:
    This is a \$Test
  This is then replaced in the original alias for parsing, so /foo
  becomes:
    eval echo This is a \$test
  When eval goes through the line and reparses it the $ is protected 
  by the new \, and thus the final output will be "This is a $Test".
  If $ was not quoted, eval would try to expand any $'s into the
  contents of the associated variable.  Eg. one$two  would try to 
  expand the variable $two
  The ^ modifier must be first after the initial $.  You may specify
  more than one character to be quoted simply be adding more ^c to the
  expression:
    $^$^\B
  will quote all occurences of $ and \ in the body of the last message
  you received.

  Remember, you can use both forms of modifiers, but they must be in
  the correct order.  All ^ modifiers must be first, followed by any
  [] modifier.  For example:
    $^.[-10]S
  This will right justify your server name and quote any . in the
  server name with \.