Create a Sign In menu similar to the one on Stackideas

Hello. I'd like to create a Sign In menu similar to the one on Stackideas. I see the ES login module, but I'd like the functionality to where once the user is signed in, it changes the "Sign In" text to display their username (and also changes the drop-down [to 'Edit Profile' and 'Sign Out'])... pretty much identical to the one on this site. Can you point me in the right direction?

Thanks -- Philip