Here is an handy solution! I'm using SQL Server 2008 R2.
As you want to modify the FK constraint by adding ON DELETE/UPDATE CASCADE, follow these steps:
Right click on the constraint and click to Modify
Choose your constraint on the left side (if there are more than one). Then on the right side, collapse "INSERT And UPDATE Specification" point and specify the actions on Delete Rule or Update Rule row to suit your need. After that, close the dialog box.
The final step is to save theses modifications (of course!)
PS: It's saved me from a bunch of work as I want to modify a primary key referenced in another table.