~$x=$PATH
~$sed -i 's/:/ /g' $x

~$ sed -i 's/:/ /g' | (read x)
sed: no input files
~$ sed -i 's/:/ /g' | (read $x)
bash: read: `/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games': not a valid identifier
sed: no input files
~$ sed -i 's/:/ /g' | $(read x)
sed: no input files
~$ sed -i 's/:/ /g' | $(read $x)
bash: read: `/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games': not a valid identifier
sed: no input files
~$ sed -i 's/:/ /g' < $(read $x)
bash: read: `/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games': not a valid identifier
bash: $(read $x): ambiguous redirect
~$ sed -i 's/:/ /g' < read $x
bash: read: No such file or directory
~$ sed -i 's/:/ /g' < (read x)
bash: syntax error near unexpected token `('
~$ sed -i 's/:/ /g' < $((read x))
bash: /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games: syntax error: operand expected (error token is "/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games")
~$ sed -i 's/:/ /g' < $((read $x))
bash: read /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games: division by 0 (error token is "usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games")
~$ sed -i 's/:/ /g' << $((read $x))
> ;^C
~$ sed -i 's/:/ /g' << $(read $x)
> ;^C
~$ sed -i 's/:/ /g' $x
sed: can't read /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games: No such file or directory
~$ sed -i 's/:/ /g' < $x
bash: /usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games: No such file or directory
~$ sed -i 's/:/ /g' < echo $x
bash: echo: No such file or directory
~$ sed -i 's/:/ /g' |  echo $x
/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/usr/games:/usr/local/games
sed: no input files

/usr/local/sbin /usr/local/bin /usr/sbin /usr/bin /sbin /bin /usr/games /usr/local/games

~$ x="$PATH"
~$ x="$(echo $x | sed 's/:/ /g')"
~$ echo "$x"
/usr/local/bin /usr/bin /bin /usr/local/games /usr/games

sed 's/:/ /g' <<<"$PATH"

echo "$PATH" | sed 's/:/ /g'

echo "${PATH//:/ }"

echo "${var//pat/rep}"

echo "${var/pat/rep}"