Here is a one-shot to do the whole thing
$text = 'Item_154 ($12)';
$text = preg_replace('/([^\s]*)\s(\()[^)]*(\))/', $1$2$3, $text);
var_dump($text);
//Outputs: Item_154()
Keep in mind that using any PCRE functions involves a fair amount of overhead, so if you are using something like this in a long loop and the text is simple, you could probably do something like this with substr/strpos and then concat the parens on to the end since you know that they should be empty anyway.
That said, if you are looking to learn REGEXs and be productive with them, I would suggest checking out: http://rexv.org
I've found the PCRE tool there to very useful, though it can be quirky in certain ways. In particular, any examples that you work with there should only use single quotes if possible, as it doesn't work with double quotes correctly.
Also, to really get a grip on how to use regexs, I would check out Mastering Regular Expressions by Jeffrey Friedl ISBN-13:978-0596528126
Since you are using PHP, I would try to get the 3rd Edition since it has a section specifically on PHP PCRE. Just make sure to read the first 6 chapters first since they give you the foundation needed to work with the material in that particular chapter. If you see the 2nd Edition on the cheap somewhere, that pretty much the same core material, so it would be a good buy as well.