Query to find a substring in another field?

[Dwight Schrute]

I have a text field Field1 in a table Table1 that has a lot of text in it. How do I update Table1 to set the value of another field Field2 to all substrings in Field1 that start with "ip"?

So, for example if Field1's values look like this:

"Lorem ipsum dolor sit"
"The IP address of the user"
"Half a bee, philosophically, must ipso facto half not be"

...the corresponding Field2 values would be:

ipsum
IP
ipso

How do I do this?