is it possible to replace a jquery button with an image or text. Here's the code below:

Code:
<script>

Javascript
$(document).ready(function(){
  $(".test .hide").replaceWith( "<a href"#">Test</a>" ).click(function(){
    $(this).parents(".test").fadeOut("slow");
  });
});

html
<div class="test">
<button class="hide">Hide</button>
<p>Test</p>
</div>
</script>
Any help would be great.