I believe that the best idea is just to capture in a group whatever you want to replace, and then replace it by using the start and end properties of the captured group.
regards
Adrián
#the pattern will contain the expression we want to replace as the first group
pat = "word1\s(.*)\sword2"
test = "word1 will never be a word2"
repl = "replace"
import re
m = re.search(pat,test)
if m and m.groups() > 0:
line = test[:m.start(1)] + repl + test[m.end(1):]
print line
else:
print "the pattern didn't capture any text"
This will print: 'word1 will never be a word2'
The group to be replaced could be located in any position of the string.