It is possible to edit a project name, but there's no way for editing the Project Key yet. The only way for editing a project key for now would be by exporting a JIRA Backup, edit the entities.xml file and replace the current project key for another one. After that, restore the backup file in JIRA and you'll have a new project key.
In JIRA 6.1, it will be possible rename the Project Key. The feature request is being tracked here:
That said, I strongly suggest you to wait until the release of JIRA 6.1 to safely edit the project key instead of hacking the JIRA backup file. :)
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