Put this into your theme's functions.php
add_filter( 'woocommerce_billing_fields', 'custom_woocommerce_billing_fields' );
function custom_woocommerce_billing_fields( $fields ) {
$fields['billing_first_name'] = array(
'label' => __('Name', 'woothemes'),
'placeholder' => __('Name', 'woothemes'),
'required' => true,
'class' => array('billing-first-name')
);
$fields['billing_phone'] = array(
'label' => __('Phone', 'woothemes'),
'placeholder' => __('Phone', 'woothemes'),
'required' => false,
'class' => array('billing-phone')
);
return $fields;
}
As you can see this allows you to change the billing address fields. My code example above sets the label, placeholder text, required, and class for both the first name and phone fields. You can do the same for:
billing_first_name, billing_last_name, billing_company, billing_address_1, billing_address_2, billing_city, billing_postcode, billing_country, billing_state, billing_email, billing_phone
Source: https://gist.github.com/1860056