how can I modify the network path inside a sql table?

hi spiceworks sql gurus...sql n00b here.

So the SQL/programmer that worked in this company over 8 years ago created some custom sql stuff, we finally found the location where he pointed some items which affect a reporting software. We need to decommission the server where these files reside and move them over to a new server, but with the db still pointing to the old we're out of luck.

As you can see from the screenshot below there's a path:
\\olderserver\data2\reports distrubtion\crystal11\filename.txt

we need to change that to:
\\newserver\data2\reports distrubtion\crystal11\filename.txt

There are 434 records and I can do this manually, but that would be too painful.

Is there an easy way to do this with a sql command?

This is running on SQL2005.

thanks!

ceez