I do this task--changing existing text in columnar data--more times than I should as maps evolve.
Common sequence of steps is to use the SQL query to select all from a table for CONDITION: [COLUMN_to_change]="existing text".
Then modify the QUERY1 (or 2 or 3 etc) along Peter or Uffe's line, Update QUERY1, update [COLUMN_to_change], updated with the "new text". The quotes are part of the deal for text strings.
It's difficult to imagine a faster method than this bunching of similar items and renaming.
WARNING here: If you're a beginner in MapInfo, then pay careful attention to the first step of "TABLE, Update Column," because you must specify the QUERY table just created. It rarely is the default in the dialog box, so you must select it manually. If careless at this step, you may unwittingly update data in some parent table instead of the desired QUERY table.