I have a version that does this:

   function clean_source ( $src ) {

    // remove http/ https/ ftp
    $src = preg_replace("/^((ht|f)tp(s|):\/\/)/i", "", $src);
    // remove domain name from the source url
    $host = $_SERVER["HTTP_HOST"];
    $src = str_replace($host, "", $src);
    $host = str_replace("www.", "", $host);
    $src = str_replace($host, "", $src);

This version doesn't allow external sources at all by the look of it.