@ zee: this should solve your !, ?, and any punctuations you want to add. It can probably be cleaned up a bit.

<?php

function sentence_cap($impexp, $sentence_split) {
    $textbad=explode($impexp, $sentence_split);
    $newtext = array();
    foreach ($textbad as $sentence) {
        $sentencegood=ucfirst($sentence);
        $newtext[] = $sentencegood;
    }
    $textgood = implode($impexp, $newtext);
    return $textgood;
}

$text = "this is a sentence. this is another sentence! this is the fourth sentence? no, this is the fourth sentence.";
$text = sentence_cap(". ",$text);
$text = sentence_cap("! ",$text);
$text = sentence_cap("? ",$text);

echo $text; // This is a sentence. This is another sentence! This is the fourth sentence? No, this is the fourth sentence.

?>