No, you cannot rename the apps. But you can group them into types or topics, and put them in folders. You can call the folders what ever you want, like good games, dumb games, utilities etc.
At least with grouping, you have a chance at finding what you are looking for.
To create a folder, touch and hold any app until they start to wiggle. Then move any app on top of any other app and they will create a folder that you can name, then put other apps of the same type inside. When you are done, hit home to stop the wiggleing.