replace a Prefix and suffix of the model name

Hi All,

Is there any way to replace a Prefix and suffix of the model name with new one.
eg: if we have 3 models - Demo Model 1
                                     Test Modell 2
                                     Fail Modeled 3
I am trying to remove the Demo and Number part and display as D Model 0.1
                                                                                             T Modell 0.2
                                                                                             F Modeled 0.3

Also if there is any way to remove the prefix and suffix in a model name.
Thanks in Advance