With all due respect to the above correct answers, it's always a good idea to "dry run" scripts like that, so that you don't corrupt your file and have to start again from scratch.
Just get your script to spill the output to the command line instead of writing it to the file, for example, like that:
sed -e s/STRING_TO_REPLACE/STRING_TO_REPLACE_IT/g index.html
OR
less index.html | sed -e s/STRING_TO_REPLACE/STRING_TO_REPLACE_IT/g
This way you can see and check the output of the command without getting your file truncated.