find and replace text using a batch file

Hi all,
I'm using a batch file to copy a series of files.  Is it possible to use a "find and replace" type of command to find a string of text in a .txt file and replace it with a new string?  If so, what is the best way to go about this?

TIA
Matt  

use edlin.exe

Thank you.  

I can get it to work thru the command prompt but when I try it in a .bat file it pauses at the * prompt.

Any suggestions?