oracle - How do I use CREATE OR REPLACE?

Question

Am I correct in understanding that CREATE OR REPLACE basically means "if the object exists, drop it, then create it either way?"

If so, what am I doing wrong? This works:

CREATE TABLE foo (id NUMBER,
title VARCHAR2(4000) DEFAULT 'Default Title')

And this doesn't (ORA-00922: missing or invalid option):

CREATE OR REPLACE TABLE foo (id NUMBER,
title VARCHAR2(4000) DEFAULT 'Default Title')

Am I doing something stupid? I don't seem to be able to find much documentation about this syntax.

Answer 1

This works on functions, procedures, packages, types, synonyms, trigger and views.

Update:

After updating the post for the third time, I'll reformulate this:

This does not work on tables :)

And yes, there is documentation on this syntax, and there are no REPLACE option for CREATE TABLE.