Yes. I think you are mixing up a few things
"Status" is not the same as "Rank".
A "Rank" is earned by the amount of posts.
A "Status" is given to someone.
If you only wanted to change the name of the Status ... I guess using the "Translations" option in the "Administration Panel" is the best way to go.
Just change the name of the Status.
"User Ranks" can not be selected when editing a users profile.
"User Ranks" (and the little icons next to their name) are given to people with the Status "Member" ... Depending on the amount of posts.
If you want to create a new Status ... I guess this hack would apply.
http://www.xmbforum2.com/hacks/additional-member-status-1.0....
But how it's written now (simple copy/paste), you can only use it once.