Hi Chuck,
What are the exact rules. What would happen if you replace TheOLDword with OneOrMoreNewWords? Do you replace the middle part of a string where the left and right parts remain unchanged? Than STREXTRACT() combined with STRTRAN() would help. Of course you would need to figure out what to do when the replaced word has mixed case and the new one a different number of characters...
For simple case, where the word is either all lower, proper or upper, you can pass 3 as the last parameter in STRTRAN().
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Christof