I frequently find that i write PHP scripts that generate either an UPDATE query or an INSERT query, depending if the data already exists, and then runs the query. A sample is below so you know what i mean. Is there some "magic" way to use one query that MySQL will treat as an UPDATE if the data is there, and if not, will create (INSERT) a new record? This functionality seems obvious, but I cannot find any documentation of it existing. Seems like a logical feature.

<?php
if($RecordExists=1){
$query = "UPDATE table_name SET Name='Bob', Age='27', Color='Blue' WHERE RecordId='123'";
}else{
$query = "INSERT INTO table_name (Name, Age, Color) VALUES ('Bob','27','Blue')";
}
mysql_query($query, $db);
?>