I have created a fiddle and i think this is what you want :
http://jsbin.com/ijexak/2/edit
In fiddle click over the text to edit and on focusOut of the input element your text will save and input element will hide.
Updated
I checked your comment, you should try this:
Html
<ul>
<li>
<span class="display">erum</span>
<input type="text" class="edit" style="display:none"/>
</li>
<li>
<span class="display">ingress</span>
<input type="text" class="edit" style="display:none"/>
</li>
</ul>
JS
$(".display").click(function(){
$(this).hide().siblings(".edit").show().val($(this).text()).focus();
});
$(".edit").focusout(function(){
$(this).hide().siblings(".display").show().text($(this).val());
});
Updated fiddle
Hope it helps!
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