You should be able to. Unlike folders, you cannot right click and select rename for Programs/Smart Lists.
First, make sure you have the proper role permissions to edit a program, smart lists, etc. If you are an admin you should have this ability.
To edit the name, select the program or smart list that you want to rename in the Marketing Activities folder view on the left. When the summary view populates in the right section of the page, click on the name. This should bring up two editable text boxes, a save button and a cancel button.
The first text box is for the name of the program/smart list, and the second is for the description. Make the edits that you want and then click save. This should update the name and/or description.