Rewrite View field value
You could do this several ways, the easiest from a hook standpoint might be to use views_pre_render(), eg, something along the lines of...

function YOURMODULE_views_pre_render(&amp;$view) {

  if ($view-&gt;name=='THE_VIEW_YOU_ARE_LOOKING_FOR') {

     drupal_set_message('&lt;pre&gt;' . print_r($view-&gt;result, TRUE) . '&lt;/pre&gt;'); // to see what you have to work with

     foreach($view-&gt;result as $r =&gt; $result) {
      if ($result-&gt;node_data_field_status_field_status_value) { // or whatever the $result field is you are looking to change from 0 or 1 to Pending or Approved
        $result-&gt;node_data_field_status_field_status_value='Approved';
      } else {
        $result-&gt;node_data_field_status_field_status_value='Pending';
      }
    }

  }

}