You can replace all occurrences of one string within another with str::replace:
let result = str::replace("Hello World!", "!", "?");
// Equivalently:
result = "Hello World!".replace("!", "?");
println!("{}", result); // => "Hello World?"
For more complex cases, you can use regex::Regex::replace_all from regex:
use regex::Regex;
let re = Regex::new(r"[A-Za-z]").unwrap();
let result = re.replace_all("Hello World!", "x");
println!("{}", result); // => "xxxxx xxxxx!"