Repeat command in bash and replacing arguments in Fedora 20

I'm running one command a lot again, but have to replace some
arguments.

e.g.

wo abcd > abcd.log 

Instead of retyping everything again you can :

!!:gs/abcd/efgh/

which results in the command
wo efgh > efgh.log 

being executed.
The '!!' repeat the last command executed from the history. See also '!-5' or
the absolute command nummber '!93' and the 'gs' for global substitution. 

There's also a simple version with just 's', but this does just one subsitution.