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replacing last command and execute it

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
Don't use it in production I tend to use fc command which allow me to edit the command in my editor first