That's a pain, I don't think there are built-in regular expressions for modifying text in that way, you would need to do a script.
If you have a perl install on your system and the DBD for MS SQL you could use the above to do the swap (putting in the sql commands instead of standard input). If need be, I could potentially do this from my unix setup here (I would have to hunt down the ms sql stuff, and you would have to trust me with access to your db, if your firewall allows), or you could dump all the data as a tab-delimited text file, run it through perl or something else to do the text swap, then do a load data back into the database. Or you could email me the txt file and I could do this.