How do I clear the value from a cell and make it NULL?
I think @Zack properly answered the question but just to cover all the bases:
Update myTable set MyColumn = NULL
This would set the entire column to null as the Question Title asks.
To set a specific row on a specific column to null use:
Update myTable set MyColumn = NULL where Field = Condition.
This would set a specific cell to null as the inner question asks.