While looking for ways to improve my MySQL queries, I can across the REPLACE function.

Example code:
Select Statement:

SELECT field1, REPLACE(yourstring, 'searchfor', 'stringtoreplacewith' ) AS field2, field3 FROM testdb

Update Statement:

UPDATE testDB2 SET aColumn = REPLACE (aColumn, 'searchfor', 'stringtoreplacewith') WHERE id=1

Hope this helps someone.

References:
Stackoverflow Post: MySQL string replace