Ok, you won't be able to see the actual text in the template as they are all language variables - meaning they are stored in the database and called via Smarty (the programming language). So, in this case:
{$lng.lbl_phone_1_title}
That is calling the lbl_phone_1_title value from the database, so to edit it there are two options:
1. Webmaster mode - by far the easiest. If you open Webmaster Mode from your admin, you can browser the whole site and double click on just about any piece of text and edit it.
2. Via the 'Languages' area of the admin. Really should read the manual on this section, as I could spend a couple hours explaining how it works
