What if you use document.querySelector:
<td onmouseover="document.querySelector('.textbox').innerHTML='Hidden text'" onmouseout="document.querySelector('.textbox').innerHTML='Show text'">
<div class="textbox">Show text</div>
</td>
This one works I think.
There is something else that you should have in mind. Adding such things inside your html is not really good idea. That's because every time you are executing something. It will be good to cache the result of document.querySelector or document.getElementsByClassName. Imagine what will happen if you have 1000 rows inside your table. Here is a jsfiddle showing how you can improve the performance of the code http://jsfiddle.net/krasimir/Zbgng/2/
HTML
<table><tr>
<td class="table-column">
column1
</td>
<td class="table-column">
column2
</td>
<td class="table-column">
column3
</td>
</tr></table>
<div class="textbox">Show text</div>
<div class="textbox">Show text</div>
<div class="textbox">Show text</div>
JS
var columns = document.querySelectorAll(".table-column");
var textboxes = document.querySelectorAll(".textbox");
for(var i=0; column=columns[i]; i++) {
column.addEventListener("mouseover", function() {
replaceText("Hidden text");
});
column.addEventListener("mouseout", function() {
replaceText("Show text");
});
}
var replaceText = function(str) {
for(var i=0; field=textboxes[i]; i++) {
field.innerHTML = str;
}
}