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With that structure this should work (heres a fiddle http://jsfiddle.net/uBZRW/2/)
$('.column a').click(function ()
{
var targetParaphaph = $(this).parent().prev(); // This gets the previous <p>
var value = targetParaphaph.text();
targetParaphaph.html("<input type='text' value='"+value+"'/>");
$(this).addClass('success'); // this results in "button success" class
});
Edit: I edited the original answer with multiple fixes to the code, fiddle contains a working example, if your structure is different you can implement a similar logic using jquery .parent(), .parents([selector]), .next(), .prev(), etc
jQuery DOM Traversing: http://api.jquery.com/category/traversing/
Source:stackexchange.com