jQuery: Place content between matching comments inside special tags

Using jQuery, how can I put the content that is between the comments containing "RED" and the comments containing "/RED" inside <em> tags?

In the example below,
World
should become:
<em>World</em>

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
<title>Hello World</title>
<style type="text/css">
em {color: red}
</style>
<script src="http://ajax.googleapis.com/ajax/libs/jquery/1.8/jquery.js" type="text/javascript"></script>
<script type="text/javascript">

$(document).ready(function () {

  $("*").contents().each(function(i,e){
    if (e.nodeType===8) {
      // ??
    }
  });

});

</script>
</head>
<body>
<h1>Hello <!-- RED -->World<!-- /RED --></h1>
<div><p>Hello <!-- RED -->World<!-- /RED --></p></div>
</body>
</html>

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LVL 10
skijAsked:
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RobOwner (Aidellio)Commented:
$(function() {
  $("*").contents().each(function(i,e){
    if (e.nodeType===8) {
    //  console.log("|"+e.data+"|");
      if(e.data.indexOf("/RED")>-1) {
        console.dir(e.previousSibling.textContent);
      }
    }
  });
});

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skijAuthor Commented:
Thanks, but what I am trying to do is to put the content between the comments INSIDE <em> tags.

For example,
World
should become:
<em>World</em>

because it is between two matching comments.
RobOwner (Aidellio)Commented:
Done :) http://jsbin.com/cikeye/1/edit?html,js,output

$(function() {
  $("*").contents().each(function(i,e){
    if (e.nodeType===8) {
    //  console.log("|"+e.data+"|");
      if(e.data.indexOf("/RED")>-1) {
        $(e.previousSibling).wrap("<em>");
      }
    }
  });
});

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skijAuthor Commented:
Thank you.  I have asked a related question here, to address if there are other tags between the comments:
http://www.experts-exchange.com/Programming/Languages/Scripting/JavaScript/Jquery/Q_28687194.html
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