your loop fails seen from logical aspects,
you are fetching the rows from your query 3 times? why
also content_replace does not seem to be set
try with this code:
// define $page_row['main_content']
$content_replace = $page_row['main_content'];
$replace_sqlquery = "SELECT oldtxt,newtxt FROM changetxt";
$replace_result = mysql_query($replace_sqlquery);
while ($x = mysql_fetch_array($replace_result)) {
$content_replace = str_replace ("$x[oldtxt]","$x[newtxt]",$content_replace);
}
echo $content_replace;