Field Calc is what you need - as per Jonathan's reply.
Few extra notes however:
1. Working outside edit mode will also be faster with field calc, but there is no 'undo'.
2. Remember with field calc you will need quotes on certain data types etc.
If you are using field calc to populate a new field - its best to create the new field based on your data requirements.
Domains are great with field calc, and you can edit them quite fast (if you are using a geodatabase - you can have domains)
The advantage with domains is they can be customised as well.
Worth thinking about if you have lots to do...
Hope this helps as well.
William.