Can I add / modify any Picklist Field Values?
You can very well customise any picklist field values in our application.
For Eg. To modify the Industry Picklist values in Account module, please do the following steps.
1. Click the Setup link.
2. In the Setup Home page, under Account Settings section, click the Fields List link.
3. In the Account Fields List page, Click the edit link provided for the Industry field.
4. In the Edit Pick List page, you can add/modify values in the Values list box. Once you have updated the pick list values you can sort the values alphabetically and set the first value as the default pick list value.
5. Click Save
For more information, please see our online User Manual
http://www.zoho.com/crm/help/customization/customization.html#Modifying_Picklist_Values