To create the regex from a string, you have to use JavaScript”s RegExp object.

If you also want to match/replace more than one time, then you must add the g (global match) flag. Here’s an example:

var stringToGoIntoTheRegex = "abc";
var regex = new RegExp("#" + stringToGoIntoTheRegex + "#", "g");
// at this point, the line above is the same as: var regex = /#abc#/g;

var input = "Hello this is #abc# some #abc# stuff.";
var output = input.replace(regex, "!!");
alert(output); // Hello this is !! some !! stuff.

JSFiddle demo here.

In the general case, escape the string before using as regex:

Not every string is a valid regex, though: there are some speciall characters, like ( or [. To work around this issue, simply escape the string before turning it into a regex. A utility function for that goes in the sample below:

function escapeRegExp(stringToGoIntoTheRegex) {
    return stringToGoIntoTheRegex.replace(/[-\/\\^$*+?.()|[\]{}]/g, '\\$&');
}

var stringToGoIntoTheRegex = escapeRegExp("abc"); // this is the only change from above
var regex = new RegExp("#" + stringToGoIntoTheRegex + "#", "g");
// at this point, the line above is the same as: var regex = /#abc#/g;

var input = "Hello this is #abc# some #abc# stuff.";
var output = input.replace(regex, "!!");
alert(output); // Hello this is !! some !! stuff.

JSFiddle demo here.

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Note: the regex in the question uses the s modifier, which didn’t exist at the time of the question, but does exist — a s (dotall) flag/modifier in JavaScript — today.