procedure TForm1.Button1Click(Sender: TObject);
var
i, p: integer;
s: string;
begin
for i:=0 to Memo1.Lines.Count -1 do begin
s:=Memo1.Lines[i];
repeat
p:=Pos(Edit1.Text, s);
if p>0 then begin
Delete(s, p, Length(Edit1.Text));
Insert(Edit2.Text, s, p);
Memo1.Lines[i]:=s;
end;
until p=0;
end;
end;