Unless the area with the text is very large, consider covering it and typing the text.
I have PSEv.8, and these directions should apply to PSEv.9 as well
Open a blank layer at the top
With the Marquee tool, you can outline a selection around the text, fill it with color of choice.
Access the Type tool and type the replacement text.
If the blur is small with compared to the size of text, you can try removing the blur.
- With the Marquee tool, outline a selection around the text, right click the image and select "Layer via copy"
- Select the newly created layer and use Enhance> Adjust Sharpness. You can learn more about sharpening images in PSE from here
- Make a mask around the processed layer and remove the effect of Sharpening from the unwanted area