From LedHed's Wiki
Inline Find and Replace
To do an inline find and replace using sed use the following syntax
sed -i 's/<FIND_TEXT>/<REPLACE_TEXT>/g' /path/to/file.txt
-i = Inline
s/ = Search
/g = Global
Reference
http://www.brunolinux.com/02-The_Terminal/Find_and%20Replace_with_Sed.html