jquery simple swap p element?

Given a p element like so: <p>Something</p> I want to, when the user mouses over it, we have, instead <p>&l开发者_开发知识库t;a href="blabla.org">go here</a></p>

After hovering if the mouse leaves the p area, return to the previous: <p>Something</p> state.

Can I have a simple example of something like this?

Thanks a lot, MEM

Or a simple modification of Ken Redler's original that uses .data() to keep track of things:

$('p#someID').hover( 
    function() {
        var $this = $(this);
        $this.data('orig', $this.html()).html('<a href="blabla.org">go here</a>');
    },
    function() {
        var $this = $(this);
        $this.html($this.data('orig')).removeData('orig');
    }
);

http://www.jsfiddle.net/ambiguous/FhET2/1/

Updated: As @Phrogz points out, I missed part of the sense of the question. The suggestions of capturing state with a closure or using data() are good ones, but here's another way (with an amusing number of moving parts):

$(document).ready( function(){
  $('p#someID').hover( 
    function() { // on mouseEnter
      $(this)
        .contents()
        .wrap('<span class="hide"/>') // wrap 'n' hide
        .end() // back to 'this'
        .append('<a href="blabla.org">Fascinating Link!</a>'); // add link
  }, function() { // on mouseLeave
      $(this)
        .find('a')
        .remove() // kill the anchor
        .end() // back to 'this'
        .find('span.hide') // the wrapper
        .contents() // the wrapped
        .unwrap(); // kill the wrapper, leaving its contents
  });
});

This assumes a style like so:

span.hide {
  display: none;
}

Updated example: http://www.jsfiddle.net/redler/HAGzH/1/

  $('p#IDHERE').hover( 
    function(){ // on mouseEnter
      $(this).contents().replaceWith('<a href="blabla.org">go here</a>');
    },
    function(){ // on mouseLeave
      $(this).contents().replaceWith("something");
    }
  );

This will replace all text