[sql] Do conditional INSERT with SQL?

I dont know about SmallSQL, but this works for MSSQL:

IF EXISTS (SELECT * FROM Table1 WHERE Column1='SomeValue')
    UPDATE Table1 SET (...) WHERE Column1='SomeValue'
ELSE
    INSERT INTO Table1 VALUES (...)

Based on the where-condition, this updates the row if it exists, else it will insert a new one.

I hope that's what you were looking for.