[CentOS] replacing a line in a file

I have a large file that has a line like:

bindaddr=0.0.0.0     ; some other text

I want to replace the 0.0.0.0 with my address 192.168.1.8 and remove 
everything
else on the line to get:

bindaddr=192.168.1.8

How can I do that?

Thanks,

jerry