It's very difficult to provide useful assistance without more information about the schema of the table you want to update, and some before and after data sets.
I've assumed that the column holds a set of name/value pairs to which you want to add a new pair for known row(s), and that the order of the pairs isn't important (i.e. it's acceptable to always add new values at the end of the list).
If all of this is correct, the following may help you.
Two rows of test data are created - the first row is then updated with a new name (color) and value (500).
DECLARE @t TABLE
(id INT
,attributes VARCHAR(MAX)
)
INSERT @t
SELECT 1,',code,removeformat,undo,redo,cut,copy,|1|1,2,3,|0|500,400|1078,|False|'
UNION SELECT 2,',code,removeformat,undo,redo,cut,copy,|1|1,2,3,|0|500,400|1078,|False|'
UPDATE @t
SET attributes = LEFT(attributes,CHARINDEX('|',attributes,0) - 1 ) + 'color,' + SUBSTRING(attributes,CHARINDEX('|',attributes,0),999999) + '500|'
WHERE id = 1
SELECT *
FROM @t