To merge, delete, rename or change the icon for network locations in Windows 7....
1) Open the "Control Panel"
2) Select and open "Network and Sharing Center"
3)Click on the "Icon" under "View your active networks". This will open the "Set Network Properties" dialogue. Here you can rename a network connection or change the icon for that network connection.
4)Click on "Merge or Delete Network Locations" to see a list of stored network connections. You can merge or delete connections here as well as see if a network connection is in use and managed or unmanaged.
I found the need for this myself as I had my current internet connection being called out as "Network 4". I wanted to find out what happened to Networks 1,2 & 3. I deleted all but my active Network as this is a Desktop system with one internet connection. I renamed it From Network 4 to my ISP's name.