Ah - so the function logic is actually:
 Code:
REPLACE - replace all occurrences of a substring with a new substring, starting at a specified character position.
REPLACE(InputString, OldString, NewString, Char_Offset)
Examples:

    REPLACE("string with another string in it", "string", "STRING")                 ; "STRING with another STRING in it"
    REPLACE("string with another string in it", "string", "STRING", 2)              ; "string with another STRING in it"
    REPLACE("string with another string in it", "string", "")                       ; " with another  in it"
The original description text is a bit misleading.
Glenn
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Actually I am a Rocket Scientist! \:D