Can you add a new Order Status?

[BRJP]

Dear All,

We sell items that need to be checked before money is taken.  As a result, we use the Pre-Order payment module (MailInPayment within Payment Modules) so that no money is taken before we check the viability of the order. 

However, the status then sits at Pending within the clients control panel.  We would like to create a new status. For example, Under Review would be a good one.

Is this possible at all within HostBill?  Can you create a status that can be more meaningful?