Heh... dang it. Roshan Joe beat me to it. You can, however, make it one notch simpler. Not sure which will be faster, though.
UPDATE dbo.BigTable
SET Software_Version_Raw = LEFT(Software_Version_Raw,CHARINDEX('.',Software_Version_Raw+'.')-1)+'.x'
Seems like a real shame to lose all that version info, though. Seems like it would be better to add a calculated column to the table to do the N.x thing and keep the original information.
--Jeff Moden
Change is inevitable... Change for the better is not.