This should work for you:
<?php
$string = "test1 test1 test2 test2 test2 test1 test1 test2";
echo $string . "<br />";
echo $string = strtr($string, array("test1" => "test2", "test2" => "test1"));
?>
Output:
test1 test1 test2 test2 test2 test1 test1 test2
test2 test2 test1 test1 test1 test2 test2 test1
Checkout this DEMO: http://codepad.org/b0dB95X5