Помоему
     REPLACE [LOW_PRIORITY | DELAYED]
        [INTO] tbl_name [(col_name,...)]
        VALUES (expression,...),(...),...
or  REPLACE [LOW_PRIORITY | DELAYED]
        [INTO] tbl_name [(col_name,...)]
        SELECT ...
or  REPLACE [LOW_PRIORITY | DELAYED]
        [INTO] tbl_name
        SET col_name=expression, col_name=expression,...
(из мануала)