Magento – How to change text on top links

The position is hardcoded in /app/code/core/Mage/Checkout/Block/Links.php:

$parentBlock->addLink($text, 'checkout/cart', $text, true, array(), 50, null, 'class="top-link-cart"');

The cart is pos 50 and the checkout link is pos 60. So maybe the easiest way is to position all top.links below 50. But to place just the cart link at the end you would have to rewrite the addCartLink() method.

To remove url from top links you can do this in local.xml of you theme using following code -

<default>
  <reference name="top.links"> 
    <action method="removeLinkByUrl">
      <url helper="checkout/url/getCartUrl" />
    </action> 
  </reference>
</default>

You can add custom link by adding following code in local.xml file -

<reference name="top.links">
    <action method="addLink" translate="label title">
        <label>My Link</label>
        <url>path/to/page</url>
        <title>My link tooltip</title>
        <prepare>true</prepare>
        <urlParams/>
        <position>150</position>
        <liParams>id="my-custom-id"</liParams>
    </action>
</reference>

check out this for refernce: http://www.classyllama.com/development/magento-development/editing-magentos-top-links-the-better-way