Is there a way to automatically update wording within a list?

For example, I've created a file that has 4 worksheets. One of those sheets,
"FORMAT", has my lists that the other three worksheets are pulling from so
that some of the columns have drop-down lists for users to choose from. I
noticed that there are a couple words that need to be changed within some of
the lists. Many of the cells have already been filled in on the data sheets,
so it would take a me a long time to go through and manually re-select those
cells with the mispelled words.

Any suggestions?