Getting the text from a li and sending it to another li.

Getting the text from a li and sending it to another li.

Hello jQuery developers,

I have this case:
1) There are 2 tipes of li: li.chosen that contains a single string. This string will be replaced frequently.
2) Each li.pick when clicked must send its text to li.chosen, but first the string of li.chosen must be erased.
In short words, I want this list to act as a selector.

<ul class="select-dominio">
         <li class="chosen">.com</li>
         <li class="hidden-domains">
                <ul>
                    <li class="pick">.com</li>
                    <li class="pick">.net</li>
                    <li class="pick">.mob</li>
                </ul>                    
         </li>
  </ul>

The example is here:
http://jsbin.com/ikewe4/3/edit

Any hint how to do this?
Thanks