Doing an insert and update in one statement.

Hypothetical Situation:
I have a table, this table has let say five rows and several thousand records. I want to take all the records where I take two of those rows with certain values in them, then duplicate those records that match the criteria and reinsert them onto the table. Afterwards, I want to change the same two values that I originally used to search for those records on the newly made duplicates and update the table to reflect the new changes.
To Illistrate:
Table Test:
Rows:
First Name
Last Name
Earnings
Employment Date
Rating
Say I am looking for all records with earnings of 30,000 and a rating of B....duplicate those records and readd them to the table, then change the earnings of the duplicates to 40,000 and the rating to A.
Any suggestions on how to approach this in as few of statements as possible (preferrably one statement)?
Thanks In Advance.

yep I ment columns, sorry for the confusion.
Slightly straying now on this topic....After evaluation of what I needed, I'd come to the conclusion that my work would actually need something along the lines of an INSERT ALL or INSERT FIRST (TY Eric for putting me on the right track btw).
Basically I'm going to need to do multiple value inserts into one statement, thus why this looks to be the right direction. So I typed it up, made sure it was fine and tried it....
.....only one problem, ALL and FIRST are new to 9i....and I'm using 8.1.....doh >_<
So, is there something simular to an INSERT ALL or INSERT FIRST that predates it that I can use in 8.1 and get the same effect (i.e. multiple insert changes in one statement)?
Thanks again.

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I would like to know is it possible to use both INSERT and UPDATE at the same time in one interface because I have a requirement in which I have to perform both the task.
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http://www.daniweb.com/web-development/databases/ms-sql/threads/146829
http://www.sqlteam.com/article/stored-procedures-parameters-inserts-and-updates
[ This part you can ignore, Since its not sure that you will face this situation
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http://www.mssqlcity.com/Articles/Adm/SQL70Locks.htm
http://www.faqs.org/docs/ppbook/r27479.htm
http://msdn.microsoft.com/en-US/library/ms187373.aspx
http://msdn.microsoft.com/en-US/library/ms173763.aspx
http://msdn.microsoft.com/en-us/library/e7z8d5hf(v=vs.80).aspx
http://mssqlserver.wordpress.com/2006/11/08/locks-in-sql/
http://www.mollerus.net/tom/blog/2008/03/using_mssqls_nolock_for_faster_queries.html
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