Okay- it's just a matter of displaying text, very simple, but a little ugly:

1. boolean over1 = false;
2. boolean selected1 = false;
3. int pos1X, pos1Y ;
4. int offset1X, offset1Y ;
5. float radius = 25.0f;
6. void setup() {
7.   size(512, 512,P3D);
8.   textFont(createFont("SanSerif", 12));
9.   pos1X = width/2-50; pos1Y = height/2;
10.   smooth();
11.   noStroke();
12.   lights();
13.   textSize(24); //Set Text Size
14.   textAlign(CENTER, CENTER); //Draw text from the center
15. }
16. void draw() {
17.   background(0);
18.   ambientLight(20, 20, 20);
19.   directionalLight(255,155,40, -1, 0.5, -0.8);
20.  
21.   float valUpdown = map(pos1Y, 0, height, 6, -48);
22.   translate (pos1X,pos1Y,0);
23.   fill (255,0,0); //set color for sphere
24.   sphere (radius);
25.   fill (255); //Set color for text
26.   text("myTextHere", 0, 0, radius + 20); //Draw the text just a little bit in front of the sphere
27.  
28. { over1 = true;
29. } } void mousePressed() { if (over1) { selected1 = true;
30. offset1X = pos1X-mouseX; offset1Y = pos1Y-mouseY; } } void mouseReleased() { selected1 = false;
31. } void mouseDragged() { if (selected1) { pos1X = max(0,min(mouseX+offset1X,width));
32. pos1Y = max(0,min(mouseY+offset1Y,height)); } }

And I tried to format it a little bit so that I could read it...
The code works.

calsign, you rock! If i wanted to create another sphere, where would i do this. I realise i would need to start the code with

rename the second valUpDown valUpDown2, simple. But they're not even used anywhere else, are they even necessary?
Then offset pos2X by some number, say 200 in setup() like so:
pos2X = 200;
Now you can see both spheres and when you click to move them, they both move together.
How to make them move seperately, I'm not really sure. Something to do with dist()... find the distance between the screen location of the sphere and the mouse, then figure out which one should be moved... Maybe.