I have an input field:
How would I get it to remove the pre-defined text (Enter Your Name
As stated before I even saw this question placeholder is the answer. HTML5 for the win! But for those poor unfortunate souls that cannot rely on that functionality take a look at the jquery plugin as an augmentation as well. HTML5 Placeholder jQuery Plugin
<input name="Name" placeholder="Enter Your Name">
                                                                        This should do it:
HTML
<input name="Name" value="Enter Your Name" onClick="blankDefault('Enter Your Name', this)">
JavaScript
function blankDefault(_text, _this) {
    if(_text == _this.value)
        _this.value = '';
}
There are better/less obtrusive ways though, but this will get the job done.
In addition to placeholder="your text" you could also do onclick="this.value='';
So it would look something like:
<input name="Name" value="Enter Your Name" onclick="this.value='';>