:%g!/\< \(STRING\|VALUE\)\>/d
Explanation
:%g Range to search. %g means the complete file
! Negotiation. Can be used to negate the regex
\< \(STRING\|VALUE\)\ regular expression (regex). Can be anything
/d command to execute with each line found. d means delete
Example used
:%g/INSERT INTO `table` VALUES>/d
This command deletes ALL lines with INSERT INTO `table` VALUES from the current file.
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Geek. 
Good for people to know.