Windows NT (4.0, 5.0 (Windows 2000), and 5.1 (Windows XP)) clients cannot rename the friendly name of a remote network printer?
The friendly name is stored on the print server.
Only an administrator can rename the friendly name.
NOTE: Choose your friendly names wisely, because renaming a printer can cause the client print driver to hang, or generate a message similar to:
Printer \\<ServerName>\<PrinterName> does not exist on the computer. You either entered a printer name that was incorrect or the specified printer is no longer connected to the server. Click Help for more information.