Perhaps czer27 is looking for a "Find files containing ..." function?
The old CheckPoint Software PCtools in windows 3.1 and before did such a thing. Alas, that CheckPoint company is defunct.
A "Find files containing ..." function is definitely a Feature Request -- and definitely not trivial! Especially if the function includes binary data and "find and replace."
Note (added 7 Mar 2006): this function in windows search works. It does appear to have at least one built-in exclusion. Namely, it seems to assume that *.dat files should not be searched. And ignores all of them if "A word or phrase in the file" is provided.