select 'update subscribers set IP = ' || IP || ' where email = ' || email || ' and list_ID = ''foo'';'
from subscribers where IP = 'bar' and listID = 'baz';
Here's the "(semi-)manual" bit: Now copy the lines from your SQL output window into your SQL input window and click "Run as a script" (or whatever your equivalent is), and you're done. Heck, you can make it even more manual if you want to: Having trouble getting those apostrophes/single-quotes right around the "foo" bit? Just write "*&%#@*" in stead of ''''foo''' in the select statement, run it, then paste the whole resulting shebang into a text editor and do a global search-and-replace (replace "*&%#@*" with "'foo'"), before pasting the corrected result into your SQL command window and running it.
Not for the Crazed One's 500 M rows, of course, but for anything up to a few thousand...? Heck, yeah -- what you lose in execution time is more than made up for by the coding time you save by simplifying the task this way. It's "Old-school hot-rodding applied to SQL RDBMS": It's an ugly kludge, but it works, and it's fast. :-)