Is it possible to change the name underneath the icons on the home pages? Just wondering: is it possible to change the name which is displayed underneath the icons on the home pages ?

I added some short cuts to internet pages on these pages, and they use way too long names . It would be nice if I could change them.
No, this won't work for shortcuts to apps.  EDIT2: Turns out this part of the answer was wrong. Thanks Bryan and Drake for your answers.

Yes, it works for internet bookmarks. From your browser, select Menu > Bookmarks. Long-press the given bookmark and select Edit Bookmark; this will allow you to change its name. You may need to delete/re-add the shortcut to your home page for the change to take affect.

EDIT1:  Alternatively, if you use a bookmark manager app (like any of the ones mentioned here), you should be able to edit the bookmark directly from there.