Sorry I relied too much on your title and assumed it was a single file.
Try playing with this:
for fl in *.php; do
mv $fl $fl.old
sed 's/FINDSTRING/REPLACESTRING/g' $fl.old > $fl
#rm -f $fl.old
done
You could also do it something like:
for i in `find ./ -type f -exec grep -l "yourstringhere" {} \;`
do
# use our sed rules to make changes. put them in a temp file
sed -f ./sedlist $i > $i.tmp
# this is optional. make a back up to be safe.
#cp $i $i.sedbak
# move the new temp file over the original
mv $i.tmp $i
done