How to edit Magento's top links

local.xml

<?xml version="1.0"?>
<layout version="0.1.0">
    <default>
        <reference name="root">
            <reference name="top.links">
                <!-- Add custom links. Pretty self-explanatory.
                Dig into app/code/core/Mage/Page/Block/Template/Links.php for more info -->
                <action method="addLink" translate="label title">
                    <label>About Us</label>
                    <url>about</url>  <!-- can use full url also -->
                    <title>About Us</title>
                    <prepare>true</prepare> <!-- set true if adding base url param -->
                    <urlParams helper="core/url/getHomeUrl"/> <!-- base url - thanks @Russ! -->
                    <!-- there are a few param you can send to do different things in <urlParams> 
                             dig into app/code/core/Mage/Core/Model/Url.php, around line 803 -->                   
 
                    <!-- below adds #add-fragment to the end of your url -->
                    <!-- <urlParams><_fragment>add-fragment</_fragment></urlParams> -->
 
                    <!-- below adds ?add-query to the end of your url -->
                    <!-- <urlParams><_query>add-fragment</_query></urlParams> -->
 
                    <!-- below gives you a new session id (i think...)-->
                    <!-- <urlParams><_nosid>true</_nosid></urlParams> -->
 
                    <!-- below replaces double quotes, single quotes, greater than, and less than signs 
                             to their respective url escaped replacements (%22, %27, %3E, %3C) -->
                    <!-- <urlParams><_escape>i'm-a-blog-url</_escape></urlParams> -->
 
                    <position>1</position>
                    <liParams/>
                    <aParams>class="top-link-about-us"</aParams>
                    <beforeText></beforeText>
                    <afterText></afterText>
                </action>
 
                <!-- Removes 'My Account' link - Default position: 10 -->
                <action method="removeLinkByUrl"><url helper="customer/getAccountUrl"/></action>
 
                <!-- Removes 'Wishlist' link - Default position: 20 -->
                <!-- for Magento 1.3.x -->
                <action method="removeLinkByUrl"><url helper="wishlist/"/></action>
 
                <!-- for Magento 1.4.x -->
                <remove name="wishlist_link"/>
 
                <!-- Removes 'My Cart' AND 'Checkout' links
                Default position: 40 and 50 respectively -->
                <remove name="checkout_cart_link"/>
 
                <!-- To re-add 'My Cart' or 'Checkout' after removing both -->
                <block type="checkout/links" name="checkout_cart_link_custom">
                    <action method="addCartLink"></action>
                    <action method="addCheckoutLink"></action>
                </block>
            </reference>
        </reference>
    </default>
 
    <customer_logged_out>
        <!-- Removes 'Log In' link - Default position: 60 -->
        <reference name="top.links">
            <action method="removeLinkByUrl"><url helper="customer/getLoginUrl"/></action>
        </reference>
    </customer_logged_out>
 
    <customer_logged_in>
        <!-- Removes 'Log Out' link - Default position: 60 -->
        <reference name="top.links">
            <action method="removeLinkByUrl"><url helper="customer/getLogoutUrl"/></action>
        </reference>
    </customer_logged_in>
 
</layout>

Totally not my work! Here's the source: http://www.classyllama.com/development/magento-development/editing-magentos-top-links-the-better-way