The main project name cannot be changed. This is a security feature to keep you from accidentally deleting or corrupting your project database. We suggest using your client's name and event; something that makes it easy to identify.
Currently Album Builder and Gallery Designer are the only modules that have the option to change the sub project name, here is how!
Locate the album or gallery you want to rename
Open your album specs window or the Lab tab in Gallery Designer
Enter the new album name and save changes to continue.