How to change menu links items title programitically?
Use theme_link function for altering your link markup. I have recently come across a scenario where I needed to change my account name to user name I did with the following code.

function THEMENAME_link($variables) {
  if ($variables['text'] == "My account") {
    $variables['text'] = $GLOBALS['user']-&gt;name;
  }

return '&lt;a href="' . check_plain(url($variables['path'], $variables['options'])) . '"' . drupal_attributes($variables['options']['attributes']) . '&gt;' . ($variables['options']['html'] ? $variables['text'] : check_plain($variables['text'])) . '&lt;/a&gt;';
}