• -- sample data

    ;WITH students (ID_Student, Name, rate) AS (

    SELECT 1, CAST('Chipper Jones' AS nchar(30)), CAST('678*9' AS nchar(5)) UNION ALL

    SELECT 2, 'Mike Piazaa', '98***' UNION ALL

    SELECT 3, 'Barry Bonds', '678**' UNION ALL

    SELECT 4, 'Larry Walker', '*88*9'

    )

    -- solution

    SELECT

    s.ID_Student, s.Name, s.rate,

    x.game1, x.game2, x.game3, x.game4, x.game5,

    (x.game1 + x.game2 + x.game3 + x.game4 + x.game5) / 5.0 AS [percent]

    FROM students s

    CROSS APPLY (

    SELECT

    Game1 = CAST(REPLACE(SUBSTRING(rate, 1, 1),'*','10') AS INT),

    Game2 = CAST(REPLACE(SUBSTRING(rate, 2, 1),'*','10') AS INT),

    Game3 = CAST(REPLACE(SUBSTRING(rate, 3, 1),'*','10') AS INT),

    Game4 = CAST(REPLACE(SUBSTRING(rate, 4, 1),'*','10') AS INT),

    Game5 = CAST(REPLACE(SUBSTRING(rate, 5, 1),'*','10') AS INT)

    ) x

    “Write the query the simplest way. If through testing it becomes clear that the performance is inadequate, consider alternative query forms.” - Gail Shaw

    For fast, accurate and documented assistance in answering your questions, please read this article.
    Understanding and using APPLY, (I) and (II) Paul White
    Hidden RBAR: Triangular Joins / The "Numbers" or "Tally" Table: What it is and how it replaces a loop Jeff Moden