when on Mouse Over state on a link the status bar shows the link's location in the status bar like in the following image... is there a way to change\override this to show some desired text...

when on Mouse Over state on a link the status bar shows the link's location in the status bar like in the following image... is there a way to change\override this to show some desired text...

This should work
<a href="/www.example.com/contact.html" onmouseover="window.status='Contact'" onmouseout="window.status=''">
Most browsers will block attempts to change the status line by default for security reasons (phishing).
You can try it anyway:
<a href="link" onmouseover="window.status='your text';" onmouseout="window.status='';">link here</a>
A second approach:
<a href="your text" onclick="location.href='your url';return false">link here</a>
Con: you can't open it in a new tabblad / window using Ctrl + click for example.