You could do something this way:
$(document.body).find('*').each(function() {
if($(this).hasClass('lollypops')){ //class replacing..many ways to do this :)
$(this).removeClass('lollypops');
$(this).addClass('marshmellows');
}
var tmp = $(this).children().remove(); //removing and saving children to a tmp obj
var text = $(this).text(); //getting just current node text
text = text.replace(/lollypops/g, "marshmellows"); //replacing every lollypops occurence with marshmellows
$(this).text(text); //setting text
$(this).append(tmp); //re-append 'foundlings'
});
example: http://jsfiddle.net/steweb/MhQZD/