How to update a field based on its current value in MySQL?

Question

Is it possible to get the current value of a field, use it as a variable in a calculation, then update the field based on the result?

For example the record with the ID

Answer 1

This will set the result column to the value of the CurrentID column (plus 1) of the same row, for any row that has an ID column that equals "1":

UPDATE table1
SET result = CurrentID + 1
WHERE ID = "1"