Since so many people are talking about using the ContentPresenter to bind data via an alias, I figured it would be a good time to mention the IDataTransformer interface.
All you have to do is create a class to implement IDataTransformer, (and hit [tab] to insert the method stubs, if you're in Whidbey) and you're good to go with base functionality.
Inside your bound property, just change the declaration a bit:
And inside your MyWordLengthTransformer : IDataTransformer class, you'll need to change the Transform method to suit your needs. In this rather primitive sample, you'll see that it transforms a string into a string length
public object Transform(object o, DependencyID di, CultureInfo culture)