changing the way a link reads.....

[rock hard]

OK...I went thru 10 pages in here to see if this was already answered and I did not see it....so here is the question:

How would one change the wording in a link??

For example a link that usually looks like this:
Premium Link Upgrade

And I wanted to it read:
Sandra's Nice Hooters

I have seen some people do this and I would lie to know how to as well