Show My account links as drop down menu in Header

[innocuous]

Hi,

I'd like to remove the My account footer links (My orders, credit slips,addresses etc) and display as a drop down list when a logged in user hovers above his name in the header

 

ie. Welcome John Doe.

 

Hovering on John Doe should display all the account links.

 

OR

 

Show My account links in the Top Horizontal Menu again as drop down.

 

How do I do this?

Thanks