There are a few ways but the easiest I know of requires editing the registry. I say its the easiest since you can purchase an app like Tweaks2k2
www.tweaks2k2.com which will among other things apply several registry edits in a much quicker and comfortable fashion. Most importantly you can name your device anything you want. The question that needs to be asked is why Microsoft does not allow for device naming in WMSP like they do in WMPC or WMPE.