Changing a Domain Name

[Bryan]

Each Domain Registry has their own terms and policies. The agreement are more strict on Second Level Domains and above but I'm for sure that for the Top Level domains the registrant/owner of the domain can change the domains contact information if he is provided with a domain control panel to manage the Whois Info and the DNS Server Settings by the Registrar.

[MattBarthorp]

If you are offered with the domain control panel, you can only make changes to the contact information moreover you can update the DNS for the domain. But as stated by others as well, one cannot make changes to the domain name once registered, the only option remains is to register a new domain. Also, it should be noted that there is no refund for cancellation of a particular domain name. So, it is important to be sure about the domain you wish to register.