Chris Morgan has already posted the best solution. But you can also perform some types of manipulations directly on the text in the register. The default case for yank is " , so you can do something like:
:let @" = substitute(@",'someword', 'somedifferentword','g')
Then paste the modified case text. Not so easy for manipulations related to the linear context in multiline register text, because the text in the register is one line with one start pattern ( ^ ) and one end ( $ ). But it can still be useful.
I just thought that I would throw it away, because that's what I sometimes do.
Herbert sitz
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