I find this to be the simplest, most readable way:
if (typeof myVariable === 'undefined') { myVariable = 'default'; }
//use myVariable here
Paul Dixon's answer (in my humble opinion) is less readable than this, but it comes down to preference.
insin's answer is much more advanced, but much more useful for big functions!
EDIT 11/17/2013 9:33pm: I've created a package for Node.js that makes it easier to "overload" functions (methods) called parametric.