Can I change the name of my windows volume?

On my OSX desktop it shows the windows volume but just calls it "untitled" I've tried clicking on it to change it but it won't let me and I can't do it in the more info section either. Is there any other way to change the name of it? I would just like to rename it "WindowsXP"

Boot into Windows and rename your C: drive.

Jeez, I feel like a total idiot now. Thanks a bunch though!

Sounds like you formatted the drive in NTFS. OS X cannot write to an NTFS volume. Next time format the volume FAT32 and you will be able to do this in OS X.