How to change or rename a drive from "Local Disk" to any other desired name in Windows Xp, Vista and Seven

The process will describe how we can rename a windows Drive. By default the default name of the Windows Drive is "Local Disk" with the drive path. In the past I have described 
How to change the drive letter or Paths in Windows Xp, Vista and Seven 
 
Process: 
1. Open "My Computer"
2. Select the drive whose name you want to change.
3. Right click of Mouse on it and choose "Rename"

4. It will ask to enter a name for the drive as shaded place.
5. Enter a name and hit "Enter".
6. it will show an error that "Access is Denied". "You will need to provide Administrator permission to rename this drive".

7. Just Ignore the message and click on "Continue". If it further ask for password then enter the Administartor password and click on continue.
8. Now apply all the changes. That is it. After reboot you will find the changed name of your drive.