Changing Order Status

Is it possible to create custom changing order statuses? For example, instead of "archive", I can make it "pending" or make it a location? Thank you

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Mouse over a current order status and select new status.

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ADDITIONAL QUESTION TO ABOVE ANSWER

ADDING THE STATUS IS AN OPTION, BUT LEAVES THE ORDER IN THE OPEN ORDERS..... SO??

INSTEAD OF ARCHIVING AN ORDER, CAN WE CREATE CLOSED FOR (EX : SHIPPED TO SCHOOL) OR CAN THE ORDERS READ HOW THEY WERE SHIPPED OTHER THAN IF MAILED WHEN PULLING BY ORDER NUMBER?
WHEN WE SHIP/EMAIL/ARCHIVE OUR ORDERS YOU PULL THEM UP AND IF THEY WERE MAILED IT WILL SHOW ON THE ORDER, BUT IF WE SHIPPED TO SCHOOL IT WILL NOT SHOW ON THE ORDER AND WE HAVE TO GO THRU EACH PAGE IN THE ARCHIVED TO FIND THE ORDER NUMBER AND SEE IF IT LISTS ON THE RIGHT HAND SIDE SHIPPED TO SCHOOL AND THE DATE.
CAN THIS BE FIXED TO MAKE LIFE EASIER WHEN WE HAVE A CUSTOMER ON THE PHONE ASKING.
THANKS

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If you have a customer on the phone asking about an order, it would be so easy just to put in the order number or the customer name in the search form at the top of every page in the admin.

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