$replace(text/phrase, text/letter to replace, text/letter to replace with)

Examples:

$replace(It is a good day, good, bad) ---> It is a bad day
$replace(AaAa, a , b) ---> bbbb

There is also $replacecs() which takes the same parameters, and can be used to specifically replace capitals with capitals, lower with lower, etc.

Examples:

$replacecs(AaAa, a, x, A, Y) ---> YxYx
$replacecs(It is a Good day and a good month, good, bad) ---> It is a Good day and a bad month

Also look at /help $replace