You need to use Disk Management in order to change the name of a hard drive.
The easiest way to access this is to type "Disk Manage" into the Start/Search, then select the option to "Create and Format Hard Disk Partitions" If you get this to work for you then skip the next steps, which is the manual way to access Disk Management. If it tells you that you can't access the area without administrative rights, then from the same place choose "Run as Administrator" to gain access, assuming that you have administrative rights over the system.
Manually Access Disk Management:
Click Start
RIGHT click once on "Computer"
Select "Manage"
Click on "Storage"
Click on "Disk Management"
Once you have opened Disk Management:
You will see a list of each drive for your computer. It will tell you all the information about each drive lower down, you can just stay in the top window.
In the top window go to the drive that you want to change the name of and RIGHT click once.
Select "Change drive letter and path"
You can then change the name and letter specification for that drive. If you want to keep the same letter, simply specify the same letter and give it the name you want it to have.
This is also the same area you would go to if you wanted to make changes to partitions, but if you do not know what all that's about you are best to just do what I've told you and then back out of there lol.