Since you installed SQL 2K5, have you looked into the "OVER" clause (BOL reference: ms-help://MS.SQLCC.v9/MS.SQLSVR.v9.en/tsqlref9/html/ddcef3a6-0341-43e0-ae73-630484b7b398.htm) and the Ranking Functions (BOL reference: ms-help://MS.SQLCC.v9/MS.SQLSVR.v9.en/tsqlref9/html/e7f917ba-bf4a-4fe0-b342-a91bcf88a71b.htm)?

I am curious how they perform...

Try the REPLACE command.

UPDATE [your_table]

SET [your_field] = REPLACE([your_field],'products/art-frame-direct/accessories/baskets/', '')

WHERE ...