For example
$ echo "hello world world world"hello world world world
If you want to replace world with universe you can do
# If you use ZSH you can press `tab` at the end of the line and it will replace# the whole line with the actuall command$ ^world^universe$ echo "hello universe world world"
As you can see, it only replace the first matching word.
If you want it to replace the whole match:
# zsh$ ^world^universe^:G​# bash$^world^universe^&
Don't use it in production
I tend to use fc command which allow me to edit the command in my editor first