Create the new link and forget about the old one would be rather easy....
OR
Once you've created a site the URL you originally specified can't be changed. The only way I know of to rename a site is to use STSADM and do an export of the site and then import it with the new name. The subsites would need to be moved underneath the new site which could be done through Manage Content and Structure if you are using MOSS w/ publishing enabled
@From