Here is the best way I found for Python 2:
def inplace_change(file,old,new):
fin = open(file, "rt")
data = fin.read()
data = data.replace(old, new)
fin.close()
fin = open(file, "wt")
fin.write(data)
fin.close()
An example:
inplace_change('/var/www/html/info.txt','youtub','youtube')