Edit in JSFiddle

/*
 *    Title: jQuery Super Labels Plugin - Give your forms a helping of awesome!
 *    Author: Rテゥmy Bach
 *    Version: 1.0
 *    License: http://remybach.mit-license.org
 *    Url: http://github.com/remybach/jQuery.superLabels
 *    Description:
 *    This plugin allows you to display your form labels on top of your form fields, saving you space on your page.
 */
(function($) {
    var defaults = {
        baseZindex:0, // The base z-index which we display on top of.
        debug:false,
        duration:500, // Time of the slide in milliseconds.
        easingIn:($.easing.def ? 'easeInOutCubic' : false), // The easing in function to use for the slide.
        easingOut:($.easing.def ? 'easeInOutCubic' : false), // The easing out function to use for the slide.
        fadeDuration:250, // Duration of animation when it's fade only.
        labelLeft:0, // The distance from the left for the label.
        labelTop:0, // The distance from the top for the label.
        opacity:0.5, // The opacity to fade the label to.
        slide:true, // Whether or not to slide the label across the input field.
        wrapSelector:false // The selector for the element you have wrapping each field.
    };

    var acceptedInputTypes = ['text', 'search', 'url', 'tel', 'email', 'password'];
    var acceptedElements = ['input', 'textarea', 'select'];

    $.fn.superLabels = function(options) {
        // If this has been run on an empty set of elements, pop out.
        if (this.length === 0) return false;
        
        // If options were passed in, merge them with the defaults.
        $.extend(defaults, options || {});
        if (!$.easing.def) { _info('Easing plugin not found - using standard jQuery animations.'); }

        var _fields = this;

        // Check for whether the user has just passed in the form. If so, we need to fetch all the accepted fields, etc..
        if (this.length === 1 && this[0].tagName.match(/form/i)) {
            _fields = $(acceptedElements.join(','), this);
        }

        // Do our magic on each form field.
        return _fields.each(function() {
            var _field = $(this);
            
            // Don't even bother going further if this isn't one of the accepted input field types or elements.
            if ((_field[0].tagName.toLowerCase() === 'input' && $.inArray(_field.attr('type'), acceptedInputTypes)) === -1 && $.inArray(_field[0].tagName.toLowerCase(), acceptedElements) !== -1) {
                _info('Doh! The following '+this.tagName.toLowerCase()+', is not supported.', this);
                return true; // Equivalent to continue in a normal for loop.
            }

            var _label = _getLabel(this);
            var _placeholder = _field.attr('placeholder');

            // Check for the placeholder attribute first.
            if (_placeholder) {
                var _placeholderLabel = $('<label for="'+(_field.attr('id') || _field.attr('name'))+'">'+_placeholder+'</label>');

                // If there isn't a label for this field, create one, otherwise replace the existing one with the placeholder one.
                if (_label.length === 0) {
                    _label = _placeholderLabel;
                    _field.prev(_label);
                } else {
                    _label.replaceWith(_placeholderLabel);
                }
                _field.removeAttr('placeholder');
            }
            
            // Make sure this form field has a label
            if (_label.length === 0) {
                _info('Doh! The following '+this.tagName.toLowerCase()+' has no related label.', this);
                return true;
            }

            // Position the labels above the form fields. Note:We do this here and not in the CSS for the purposes of progressive enhancement.
            _prepLabel(_field, _label);
            
            // Select boxes don't need to have any fancy label stuff done.
            if (!this.tagName.match(/select/i)) {
                // What happens when we enter the field
                _field.focus(_focus);
                // What happens when we leave the field.
                _field.blur(_blur);
                // Check for when the user is typing
                _field.keyup(_keyup);
                // Make sure the field gets focus when the label is clicked on (for those people who don't use the 'for' attribute and deserve a kick to the face).
                _label.click(function() { _field.focus(); });
            }
        });
    };

    /*========== Private Functions ==========*/
    // Get the label for a given field.
    _getLabel = function(_field) {
        var _label = $(_field).siblings('label');

        if (_label.length === 0) {
            // If a selector is present for the wrapping element, use that, otherwise, proceed to use more traditional methods.
            if (defaults.wrapSelector) {
                _label = $(_field).parents(defaults.wrapSelector).find('label');
            } else {
                _for = _field.id || _field.name;
                _label = $('[for="'+_for+'"]');
            }
        }

        return _label;
    };

    // Position the label.
    _prepLabel = function(_field, _label) {
        // Handle drop down list labels differently
        if (_field[0].tagName.match(/select/i)) {
            // Checking whether the field has a value doesn't work (the browser just seems to select the first <option>
            // before the page has loaded), so I'm going to assume that if the form is prefilled or values are remembered
            // between page loads, then the [selected attribute will be used.
            var _selected = _field.find('[selected]').length === 0 ? ' selected' : '';
            
            _field.prepend('<option value="" disabled'+_selected+' rel="label">'+_label.html()+'</option>');

            _label.css('display','none');
        } else {
            // If the field already has a value, then hide the label.
            if (!_noVal(_field)) _label.hide();

            _field.css({ zIndex:defaults.baseZindex+1 }).addClass('sl_field');
            _label.css({
                left:defaults.labelLeft,
                position:'absolute',
                top:defaults.labelTop,
                zIndex:defaults.baseZindex+2
            }).addClass('sl_label');
        }
    };

    // The focus and blur functions
    _focus = function() {
        if (_noVal(this)) {
            var _duration = defaults.duration;
            var _label = _getLabel(this);
            var _to ={ opacity:0 };
            
            if (defaults.slide) {
                _to.left = $(this).width()-_label.width();
                _to.opacity = defaults.opacity;
            } else {
                _duration = defaults.fadeDuration;
            }
            
            _label.animate(_to, _duration, defaults.easingOut);
        }
    };
    _blur = function() {
        if (_noVal(this) ) {
            var _duration = defaults.duration;
            var _to ={ opacity:1 };
            
            if (defaults.slide) {
                _to.left = defaults.labelLeft;
            } else {
                _duration = defaults.fadeDuration;
            }
            
            _getLabel(this).animate(_to, _duration, defaults.easingOut);
        }
    };
    _keyup = function() {
        var _label = _getLabel(this);
        var _o = 0;
        
        // Let's check whether there's even a need to animate anything first.
        if ((_noVal(this) && _label.css('opacity') > 0) || (!_noVal(this) && _label.css('opacity') == 0 )) {
            return false;
        }

        // If the field is empty and the label isn't showing, make it show up again.
        if (_noVal(this) && !_label.css('opacity') == 0) {
            _o = defaults.opacity;
        }
        
        _label.animate({ opacity:_o }, defaults.fadeDuration, defaults.easingOut);
    };

    /*===== Utility Functions =====*/
    // Tell us whether the form field has a value.
    _noVal = function(_el) { return $(_el).val() === ''; };
    
    // Console Functions (We need these to make sure this only displays when the console exists.)
    _log = function() { if (defaults.debug && console && console.log) console.log.apply(console, arguments); };
    _info = function() { if (defaults.debug && console && console.info) console.info.apply(console, arguments); };
    _error = function() { if (defaults.debug && console && console.error) console.error.apply(console, arguments); };
})(jQuery);
        
            $('form').superLabels({
                opacity:0.2,
                easingOut:'easeInBack',
                labelLeft:10,
                labelTop:7
            });
   

body { font-family:Helvetica,Arial,Sans-serif; font-size:14px; }
#wrapper { margin:50px; }

form ul li { position:relative; width:410px; }
form input, form textarea { width:300px; display:inline-block;margin:0 0 15px 0;padding:5px;}
form select { width:408px; }

/********** Tooltip Styling **********/
.sl_tt {
    background:#FFF;
    border:1px solid #777;
    padding:5px 5px 5px 10px;
    position:absolute;
    text-shadow:0 -1px 0 rgba(0, 0, 0, 0.15), 0 1px 0 rgba(255, 255, 255, 0.8);
    width:290px;

    /* background-gradient */
    background: -moz-linear-gradient(100% 100% 90deg, #EEE, #FFF);
    background: -webkit-gradient(linear, left top, right top, from(#EEE), to(#FFF));

    /* border-radius */
    -webkit-border-radius:5px;
    -moz-border-radius:5px;
    border-radius:5px;

    /* box-shadow */
    -moz-box-shadow:0 0 3px #777;
    -webkit-box-shadow:0 0 3px #777;
    box-shadow:0 0 3px #777;
}
.sl_tt dd { font-size:12px; font-style:italic; margin-top:5px; }

/* Tooltip at the bottom */
.sl_tt_bottom { left:0; }
.sl_tt_bottom:before {
    border:8px solid;
    border-color:transparent transparent #777 transparent;
    content:' ';
    height:0;
    left:2px;
    position:absolute;
    top:-16px;
    width:0;
}
.sl_tt_bottom:after {
    border:7px solid;
    border-color:transparent transparent #FFF transparent;
    content:' ';
    height:0;
    left:3px;
    position:absolute;
    top:-14px;
    width:0;
}

/* Tooltip on the left */
.sl_tt_left { text-align:right; top:0; }
.sl_tt_left:before {
    border:8px solid;
    border-color:transparent transparent transparent #777;
    content:' ';
    height:0;
    right:-16px;
    position:absolute;
    top:2px;
    width:0;
}
.sl_tt_left:after {
    border:7px solid;
    border-color:transparent transparent transparent #FFF;
    content:' ';
    height:0;
    right:-14px;
    position:absolute;
    top:3px;
    width:0;
}

/* Tooltip on the right */
.sl_tt_right { top:0; }
.sl_tt_right:before {
    border:8px solid;
    border-color:transparent #777 transparent transparent;
    content:' ';
    height:0;
    left:-16px;
    position:absolute;
    top:2px;
    width:0;
}
.sl_tt_right:after {
    border:7px solid;
    border-color:transparent #FFF transparent transparent;
    content:' ';
    height:0;
    left:-14px;
    position:absolute;
    top:3px;
    width:0;
}

/* Tooltip at the top */
.sl_tt_top { left:0; }
.sl_tt_top:before {
    border:8px solid;
    border-color:#777 transparent transparent transparent;
    bottom:-16px;
    content:' ';
    height:0;
    left:2px;
    position:absolute;
    width:0;
}
.sl_tt_top:after {
    border:7px solid;
    border-color:#FFF transparent transparent transparent;
    bottom:-14px;
    content:' ';
    height:0;
    left:3px;
    position:absolute;
    width:0;
}
    <div id="wrapper" class="container_16">
        <form action="" class="grid_4 push_4">
            <ul>
                <li>
                    <label for="text-input">お名前</label>
                    <input type="text" name="text-input" value="" />
                </li>
                <li>
                    <label for="mail-input">[email protected]</label>
                    <input type="email" name="mail-input" value="" />
                </li>
                <li>
                    <label for="ps-input">パスワード</label>
                    <input type="password" name="ps-input" value="" />
                </li>
                <li>
                    <label for="textarea">メッセージ</label>
                    <textarea rows="2" cols="20" name="textarea"></textarea>
                </li>
            </ul>
        </form>
    </div>