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Are you talking about the drive or the folder? You can rename the drive, I did, but I wouldnt touch the folder in the drive that it backs up into.
 
another question... hopefully i wont neeed to make a new thread.. can i still throw random files onto the backup drive? or will that screw things up?
 
another question... hopefully i wont neeed to make a new thread.. can i still throw random files onto the backup drive? or will that screw things up?
As long as you don't tamper with Time Machine's backup folder you can do whatever you want with the remaining space.
 
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