stripcslashes does not accept hexadecimal escape sequences of more than two digits, even though C does. This means that all of the following are true (in C the second and third examples would contain the characters '\x48e' and '\x323' respectively):
stripcslashes('H\x65llo') == 'Hello'
stripcslashes('\x48ello') == 'Hello'
stripcslashes('1\x323') == '123'
stripcslashes does accept hexadecimal escape sequences of only one digit, as long as the following digit is not a valid hexadecimal digit, so both of the following are true:
stripcslashes('He\xallo') == 'He'."\n".'llo'
stripcslashes('H\xaello') == 'H'.chr(0xAE).'llo'
The fact that stripcslashes is limited to two hexadecimal digits looks like a bug at first glance, but it can be a feature. You can, for example, do a simple str_replace(':', '\x3a', $str) to replace all colons in a string with '\x3a' without having to worry about whether or not the next character will be interpreted as a hexadecimal digit.
If this "bug" is ever fixed, there will be no way in PHP to escape the colon in the string 'a:b' with a hexadecimal representation, since the 'b' would be interpreted as the hexadecimal digit 11. The string 'a\x3ab' would be interpreted as 'a'.chr(0x3AB).