I know that you can change the icons of the apps installed, but what about the names of them? Like the text below the apps. This would lead to more customizability and I think it would be helpful. Any ideas on how to do this?

The .desktop files of apps are located in /usr/share/applications/

Edit it using your favourite text editor and change the "Name=" field...

Thanks so much! You can probably tell I'm all new to this forum and community. I'm so glad that people like you are still out there. Keep up the good work!

Update:
Unfortunately, I still haven't gotten this to work. I went to terminal (PuTTY, actually), and did what you told me.
The original name is next to 'Name=', but even if I change it, it still remains the same after reboot.
I'm using the vi function in terminal to edit the text.
Are you sure that's the right parameter to change the text?
Or am I doing something wrong?

Try
Like a root:
cd /usr/share/applications
nano app.desktop

Edit the name field
Ctrl+x

and save the file.

Its not saved most probably due to you not being root. Did you be root i.e. devel-su or login as root via puTTy?

Yes. It's the right field and there's no need to reboot.
What are you trying to change exactly?

Here's an example (you can use vi just as well):
and I changed "Name=Terminal" to "Name=Pääte"

to be able to launch multiple instances of terminal I also changed
"Exec=/usr/bin/meego-terminal" to "Exec=/usr/bin/meego-terminal -n"

Then saved the file.

Let's see if the file is as I as wanted it:
All seems fine. Now meego-terminal is shown as "Pääte" in my applications view and always launches a new terminal on touch.

Ah, I was using the stock applications like Phone, Contacts, etc.
Do these have a restriction or something? I am able to change the name of the terminal like you showed me, but not the stock applications for some reason.
EDIT: Also, I can't seem to use the 'nano' function even with rooting, so I'm stuck using vi.