Edit: repeat this quite a few years later; The following are the ways you can do this, depending on the user interface structure you are using. This assumes that you want to change the selected text.
ASP.Net WebForms
protected void ChangeListBoxSelectedItemText(string textToChangeTo)
{
lstBoxExample.SelectedItem.Text = textToChangeTo;
}
WPF - Assuming ListBox Contains Label Objects
var selectedLabel = (Label)lstBoxExample.SelectedItem;
selectedLabel.Content = "Text to change to";
Winforms
// There may very well be a better way to do this
lstBoxExample.Items[lstBoxExample.SelectedIndex] = "New Item";
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