how to do a find and replace

Hello-
I'm using postgres 7.4

I have a column of data with the wrong prefix for many items.

The wrong entries are entered ' /0/v.myimage.jpg'
While the correct ones are ' /0/myimage.jpg'


I need to remove all the 'v.' characters from this column.


I'm able to do a

SELECT * FROM myTable
WHERE location = '%/0/v.%'


I'm just confused about how I should write code to update the selected 
items to remove the 'v.'

Would I use substring? An example would be much appreciated.

thank you
Dawn