No. You can only change the name for the profile but not the users folders.
The files in Documents and Settings\<user name> must keep the original name
because the system is chock full of references to these files and folders at
that specific location.
You can create a new user with your preferred name, take ownership of the
files under the old name and then copy all of those files into the new users
folder under Documents and Settings. You can then safely delete the old
users files. These 2 articles will guide you.
