I'm building a Sharepoint MOSS 2007 environment and found that one of the sites I had created had the wrong name. I began looking around to see if I could migrate the content from one site to another easily which didnt look promissing. I then found that I could rename the site using STSADM.EXE Something like
stsadm -o renameweb -url http://portal/[oldname] -newname [newname]
Brilliant, (remember to change the site title as well) and its job done !