Read each line in a txt file and assign variables using windows dos commands

A lot of the answers here helped point me in the right direction, however none were suitable for me, so I am posting my solution.

I have Windows 7, which comes with PowerShell built-in. Here is the script I used to find/replace all instances of text in a file:

powershell -Command "(gc myFile.txt) -replace 'foo', 'bar' | Out-File -encoding ASCII myFile.txt"

To explain it:

• powershell starts up powershell.exe, which is included in Windows 7
• -Command "... " is a command line arg for powershell.exe containing the command to run
• (gc myFile.txt) reads the content of myFile.txt (gc is short for the Get-Content command)
• -replace 'foo', 'bar' simply runs the replace command to replace foo with bar
• | Out-File myFile.txt pipes the output to the file myFile.txt
• -encoding ASCII prevents transcribing the output file to unicode, as the comments point out

Powershell.exe should be part of your PATH statement already, but if not you can add it. The location of it on my machine is C:\WINDOWS\system32\WindowsPowerShell\v1.0

Update
Apparently modern windows systems have PowerShell built in allowing you to access this directly using

(Get-Content myFile.txt) -replace 'foo', 'bar' | Out-File -encoding ASCII myFile.txt

You can break up long lines with the caret ^ as long as you remember that the caret and the newline following it are completely removed. So, if there should be a space where you're breaking the line, include a space. (More on that below.)

Example:

copy file1.txt file2.txt

would be written as:

copy file1.txt^
 file2.txt