I would like to modify this MySQL query to insert the row only if it does not exist. Otherwise, I would like to update the existing row.
Yes, use the INSERT INTO ... ON DUPLICATE KEY UPDATE syntax.
INSERT INTO ... ON DUPLICATE KEY UPDATE
http://dev.mysql.com/doc/refman/5.0/en/insert-on-duplicate.html
You will need to have a key defined on the table of types UNIQUE or PRIMARY KEY.
UNIQUE
PRIMARY KEY