Found a great little snippet of code to use for converting from American to Euro date format and back.
$date=’12/31/2006’;
print ereg_replace(”([0-9] )/([0-9] )/([0-9] )”,”\\2/\\1/\\3″,$date);
Thanks to last-child.com for the Snippet.
And from the comments below an even shorter snippet:
echo date( ‘m-d-Y’, strtotime( $date) );
Thanks Justin!

Much simpler and more consistent results by using echo date( ‘m-d-Y’, strtotime( $date) )
Thx Justin Sainton, just what i was looking for!
In answer to Justin. With this method you can’t convert from European to American.