How do I UPDATE from a SELECT in SQL Server

Question

INSERT INTO Table (col1, col2, col3)
SELECT col1, col2, col3 
FROM other_table 
WHERE sql = 'cool'

Is it also possible to update a table with SELECT? I have a temporary table containing the values and would like to update another table using those values. Perhaps something like this:

UPDATE Table SET col1, col2
SELECT col1, col2 
FROM other_table 
WHERE sql = 'cool'
WHERE Table.id = other_table.id