The short answer is that yes, this is possible, but it's not a simple terminology change, but rather a change in your workflow. If you are syncing this project with TFS, the task becomes a bit more difficult too as you will need to make the same types of changes in both systems.
Before going into detail about how to accomplish this task, I'll need you to answer a couple questions for us so we know what you ultimate goal is.
- Are you using an existing project, or a creating new project?
- If you are using an existing project, do you also want to change the state or any existing items from Committed to Pending and Done to Complete?
- Are you syncing your project with TFS?
- If you are, how important is it that TFS also uses these new states?
the Telerik team