sed is a good choice for large files.
sed -i.bak -e 's%C://temp%//home//some//blah%' large_file.sql
It is a good choice because doesn't read the whole file at once to change it. Quoting the manual:
A stream editor is used to perform
basic text transformations on an input
stream (a file or input from a
pipeline). While in some ways similar
to an editor which permits scripted
edits (such as ed), sed works by
making only one pass over the
input(s), and is consequently more
efficient. But it is sed's ability to
filter text in a pipeline which
particularly distinguishes it from
other types of editors.
The relevant manual section is here. A small explanation follows
-i.bak enables in place editing leaving a backup copy with .bak extension
s%foo%bar% uses s, the substitution command, which
substitutes matches of first string
in between the % sign, 'foo', for the second
string, 'bar'. It's usually written as s//
but because your strings have plenty
of slashes, it's more convenient to
change them for something else so you
avoid having to escape them.
Example
vinko@mithril:~$ sed -i.bak -e 's%C://temp%//home//some//blah%' a.txt
vinko@mithril:~$ more a.txt
//home//some//blah
D://temp
//home//some//blah
D://temp
vinko@mithril:~$ more a.txt.bak
C://temp
D://temp
C://temp
D://temp