The canonical search and replace operator, as used in sed, Perl, and any other tool that makes use of regular expressions.
s/pattern/replacement/
Any valid regular expression may be sought as pattern. If the s/// operator is followed by g, all occurrences of the pattern are replaced, instead of just the first found; if followed by i, the matching is case-insensitive.

A full discussion of the syntax of s/// is beyond the scope of this writeup, and may be better served by the Perl manual, or the excellent O'Reilly book Mastering Regular Expressions.

The s/// form is often seen in text-based chat environments, where it is used to correct typos in one's previous statements, or humorously in the same manner ^H often is.