You can manually change the var
in the plugin:
Line 62: current: "image {current} of {total}",
Change image to Project name.
EDIT:
$("div.projectBlock").each(function (index) {
var className = "group" + (index + 1),
$this = $(this),
rel = $this.find("a").attr("rel");
$(this).find("a")
.addClass(className)
.colorbox({
maxWidth: '95%',
maxHeight: '95%',
current: rel + '{current} of {total}'
});
});