Yes.  It only works in the Members only section ("Our Files" application is not available in the public area).  

In the Members Area use the following steps:

• Manage website
• Then Content Management 
• Then Applications.  
  Enable "Our Files" and at the same time use the Rename facility.
  
  

Our Files is available on both public and private areas of sites - though it might not be called Our Files if you've renamed it! :-)

Thanks

Joe