Vinayendra won our Change Salesforce Labels By RecordType challenge with a cool little jQuery submission. We liked the results so much that we've open sourced the his code and you can fork the project from our GitHub repo.
Record types are an extremely powerful feature of salesforce.com that allow you to offer different business processes, segment data and personalize the UI based on user profiles. However, one feature that is lacking is the ability to change a label for a field on a standard page layout based upon its recordtype. For instance, let’s say you have two types of users each with their own recordtypes. On a standard page layout, one set of users want to see an Account lookup field with the label “Account” while the other set of users want to see the same field with the label “Organization”. Vinayendra's submission uses some jQuery and a sidebar component to make it easy to present the same field with different labels.
Take a peek at Vinayendra's video submission for a quick overview.