In place (live) editing of matches - is there a package for it?

[Tom]

Recently I had to work multiple times with text files and it 
involved search/replacing strings in the file multiple times.

For example, if the file has the word "phone" in multiple places
and I want to replace it with "phoning" then I go to the beginning
of the file and replace all the matches with a search/replace
command.

It occurred to me it would be more convenient if I could just select
the word (or a phrase) and use a command which allows me to live edit
this region, so that all the changes I make within the selected part are
reflected instantly at all the other places in the file which have
the same text as the initial selection.

Is there an existing package which does this?