I have html content in the post_content column.
I want to search and replace A with B but only the first time A appears in the record as it may appear more than onc
If you are using an Oracle DB, you should be able to write something like :
UPDATE wp_posts SET post_content = regexp_replace(post_content,'A','B',1,1)
See here for more informations : http://docs.oracle.com/cd/B19306_01/server.102/b14200/functions130.htm
Note : you really should take care of post_content regarding security issue since it seems to be an user input.