You can't rename programs fully as that will probably cause all sorts of issues with registry entries, file not found errors, things like that, but you can change what the shortcut, folders, etc.. are called that surround it. Just do a custom setup and rename the location it installs in, then change the shortcut names to whatever.
I would not rename the program folder either unless you do that custom setup, if you do, anything that references that folder name will stop working.