I have a table within a SQL Server 2008 database called Meter. This table has a column called Name.
Each entry within the column Nam
UPDATE Meter
SET Name = 'ZAA_' + SUBSTRING(Name, 4, LEN(Name))
WHERE SUBSTRING(Name, 1, 4) = 'ZAA\'
Edit:
Or as @Damien_The_Unbliever states, to use an index:
UPDATE Meter
SET Name = 'ZAA_' + SUBSTRING(Name, 4, LEN(Name))
WHERE Name LIKE 'ZAA\%'
EDIT
From your comment, try this statement to fix the additional \:
UPDATE Meter
SET Name = 'ZAA_' + SUBSTRING(Name, 5, LEN(Name))
WHERE Name LIKE 'ZAA_\%'