I've looked into trying to edit some of the title links in the client account drop down menu? I've looked in the links.phtml but the links themselves are being called elsewhere...
1.Change My Account,Register, Login links via app/design/frontend/rwd/default/layout/customer.xml
- Change Cart& checkout links via app/design/frontend/rwd/default/layout/checkout.xml
3.Change wishlist links via app/design/frontend/rwd/default/layout/wishlist.xml
You can do it in your theme's local.xml:
<default>
<reference name="top.links">
<action method="setTemplate">
<template>page/template/my_links.phtml</template>
</action>
</reference>
<default>
Then copy page/template/links.phtml and rename it to page/template/my_links.phtml and do whatever you need inside that new template file.
To add a custom link to Top Links via local.xml:
<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>
Also see here