Parse string and update its content

I have a string which looks something like this:
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Pellentesque RecordID:103017 pretium iaculis venenatis. Phasellus RecordID:103017 vestibulum scelerisque fringilla.
I need to parse through my string, pull out the record id, do a query based on this ID and then over write the full RecordID:n with the result of my query. 

I?m totally stumped on how to do this, i could also do it in TSQL if anyone could suggest how to.
Any help if much appreciated.
Many thanks.
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