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Whether the string you're looking for inside a text file is a single word or a complicated pattern, PowerShell has the ability to find and replace just about anything.
To put it another way, you can embed PowerShell commands within a Write-Host statement (though subexpressions can be used outside of a write-host statement, as you have already seen).
The process is similar to creating any plain text file in PowerShell -- but with a few twists.