If your replacement value is exactly the same length as your find value, you can get real tricky with RandomAccessFile and update it in place. This doesn't often come together unless you have carefully designed fixed length records in your file.
So, much more likely you'll have to read the file, replace the value in memory and rewrite the file. You can read the whole thing into one string and do replacements, or read, replace and write one line at a time. If you're in JDK 1.4 (or want to use a 3rd party jar) you can look at
Pattern for regular expressions, otherwise look at String.indexOf() for searching and lots of String.substring() for replacing.
Here's a trick I picked up from an old IBM operating system ...
That's a very paranoid and safe way to avoid losing the file through some error.
Holler if you need guidance on the particulars.

[ November 16, 2004: Message edited by: Stan James ]