The problem is because you are replacing something containing quotes and you are using the same quotes in your replace ...

Try using:
UPDATE zen_products_description SET products_description = REPLACE("2x3'", "2x3 Foot");
Note: you could run this command as:
UPDATE products_description SET products_description = REPLACE("2x3'", "2x3 Foot");
from the Tools ... Install SQL Patches ... and it will adjust for the database table prefix ...