jquery - onclink change text and add a class

hey i am kinda want to make a hide and show toggle. so that when you click on a span name open_login it will chane its inner text to "close login" and add a class named "close_login". then the close login will do the same.

here is my code so far. the first part works but the second part doesn't.

<script type="text/javascript" src="http://www.google.com/jsapi"></script>
<script type="text/javascript">google.load("jquery", "1.3.2");</script>


<script type="text/javascript">

			
			$(function(){
				$(".open_login").click(
					function(){
					$("#panel").slideDown("slow");
					$(".open_login").text("Close Login");
					$('.open_login').addClass('close_login');
					$('.open_login').removeClass('open_login');
					

	              });
				  	
			});
			
			
			$(function(){
				$(".close_login").click(
					function(){
					$("#panel").slideUp("slow");
					$(".close_login").text("Open Login");
					$('.close_login').addClass('open_login');
					$('.oclose_login').removeClass('close_login');

	              });
			});
			
			
		</script>
<style>
#panel {
height:100px;
width:500px;
margin:0 auto;
background:#FE9A2E;
display:none;
}
#loginbutton {
margin:10 auto;
background:#FA5858;
width:100px;
}
</style>

<div id="panel">

<form name="loginform" id="loginform" action="" method="post">
							
								<label>Username<br />
								<input type="text" name="log" id="user_login" class="input" value="" size="20" tabindex="10" /></label>
							
							
								<label>Password<br />
								<input type="password" name="pwd" id="user_pass" class="input" value="" size="20" tabindex="20" /></label>

							
							<label><input name="rememberme" type="checkbox" id="rememberme" value="forever" tabindex="90" /> Remember Me</label>
							
								<input type="submit" name="wp-submit" id="wp-submit" value="Log In" tabindex="100" />
								<input type="hidden" name="redirect_to" value="" />
								<input type="hidden" name="testcookie" value="1" />
							
						    </form>

</div>
<div id="loginbutton">
<span class="open_login">open login</span>
</div>

HTML:

i am really new to this. so please help me. below is the link to this.

http://opblolg.110mb.com/domtest.html

 

Use this code Its will working perfect

 

thanks parthiphp. thats works like charm

 

instead of running two seperate functions.

useing .toggle() will work alot nicer and have shorter code to read