You can theme (you dont want to change the value stored in the DB, just change its displayed value) the view row value by using a template suggestion:

I prefer using a preprocessor function to do this on the field. This blog post covers how to do this for a specific view_name and field.
From the blogpost:
There is an issue to let Drupal 7 and 8 themes implement a
preprocess/process function per view as it is possible in Drupal 6,
but it is in development (see issue).
Until it is fixed there is a way to achieve that behaviour:
<?php
/**
* Generic preprocess that is still working on D7
*/
function MYTHEME_preprocess_views_view_fields(&$vars) {
if (isset($vars['view']->name)) {
$function = __FUNCTION__ . '__' . $vars['view']->name . '__' . $vars['view']->current_display;
if (function_exists($function)) {
$function($vars);
}
}
}
/**
* Then the specific preprocess that worked without the above code for D6
*/
function MYTHEME_preprocess_views_view_fields__VIEWNAME__DISPLAY(&$vars) {
// my specific preprocess code
}
?>
There's also like views_custom_styles (sandbox project) and views_php which will let you do the same thing -- but for what you're asking (to my knowledge) you're gonna have to write code.
The preprocessor example I give is a clean solution re-using the Theme API (suggestions) and hooks.