I had this case where I needed to get the attribute option value in Magento where I only had the ID of the option and the code of the attribute in question. After some Googling it was finally this article which showed my the solution.
However, it could be even simpler:
$attributeDetails = Mage::getSingleton("eav/config")
$optionValue = $attributeDetails->getSource()->
Please note: this applies only for select/multiselect attributes. Which of course makes sense, because then you would have multiple options with their respective ID’s.