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.