Basically, if you're trying to edit an image, it's like dudio said.
If it's an actual image, like .gif or .jpg, you cannot simply highlight the text and edit it in that format. Those formats represent the "final" version of an image, ready to use in an optimized state - file size is smaller, resolution has been set, etc.
IF, you have an image that is the "base" for the .gif or .jpg, then you MIGHT be able to edit it with the right software. As mentioned, Adobe PS uses the .psd format. In that, you might still have the image with "Layers" - one of those will be the text layer you want to edit.
If, however, the original author "flattened" the image (actual term used there, btw), then everything is placed together on one layer and nothing may be edited.
You can always take the image into whatever software you have handy and start playing, though. Many software apps will let you copy and paste sections of the background in other spots - you could use this feature to "cover up" the old text. You might even have a "rubber stamp" tool, which basically allows you to do the same thing, with more control.
Regardless, you'll need to add the new text using a text tool - again, pretty standard/simple.
One thing to note going this route - depending on how complex the image is that you're editing, it could get pretty time consuming rubber stamping the background over the old text you wnat to hide - and in the end it might just not be possible and still leave you with a clean image.
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