Changing xterm titles to something more usefull than 'xterm'

[Norbert Veber <nveber@vtech.dyn.ml.org>]

Is there a simple way to make xterms display the current command beeing
executed in the window?  By simple I mean without patching and recompiling 
bash and/or xterm.  I know that you can change the title using the -T command
line option, but I want it to change dynamically depending on what I'm doing 
in that xterm.  This would work nicelly with afterstep's window list module.  

To make it display the current path, something like this can be used 
(in bash):
PS1='(\u@\h:\w)% \[\033]0;\w\007\]'

But how can I make it display the name of the command?

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