The answer is no.
When you are in Picasa 2, click on Help and from there you can go directly
to Picasa support as well as Picasa forum. I suspect you will get more
benefit, advice etc. than posting here.
If you are using Picasa 2, you see on the left side "Folders on disk" and
then the list of folders.
It is very tempting to right click on a folder name and then use Edit folder
description to change the name to something you like better. Please don't do
this. It will work fine when you are in Picasa, but when you return to
Windows Explorer you will see that the name change you made in Picasa has
not taken place in Windows Explorer and in fact you will get a truncated
name. Not good at all. So if you decide to rename some folders, do it with
XP and Picasa will pick up the new name.