Have to say that I don't get it. Renaming seems to work fine for me in W7. Don't even need to go into Properties. Just select the drive under Computer and hit F2 and type in the new name. No probs.
So, I'm wondering. Is the Toshiba drive split into two partitions, which might explain you are seeing what you are. But that does beg the question as to what the WD drive is being seen as (or is it not being recognised at all?).