You can not. REPLACE() function accepts three string arguments, but can't accept lists or resultsets. You have to list all of your columns in the select statement, then add REPLACE function to each column.
Example
SELECT
REPLACE(field1, ':', ';') AS field1
REPLACE(field2, ':', ';') AS field2,
REPLACE(field3, ':', ';') AS field3,
REPLACE(field4, ':', ';') AS field4,
FROM
YourTable
EDIT (Summarizing the conversation in the comments)
You can generate your field list using the metadata storage provided by the RDBMS. In most Database Engines, the INFORMATION_SCHEMA contains the metadata:
Example for MySQL:
SELECT
CONCAT('REPLACE(`', C.COLUMN_NAME, '`, '':'', '';'')')
FROM
information_schema.COLUMNS C
WHERE
C.TABLE_SCHEMA = '[YourDatabaseName]'
AND C.TABLE_NAME = '[YourTableName]'
Example for MSSQL (using DMVs):
USE [YourDatabaseName];
SELECT
'REPLACE([' + C.name + '], '':'', '';'')'
FROM
sys.columns C
WHERE
C.object_id = OBJECT_ID('[schema].[table]')