So as you can see i have some random generated name that was given to me by default and I was wondering if it's possible to change it. Likewise, is there a way to change my password to something that I'm more familar with?

You can change your nick to something you like only once, when you first join. The password can be changed at any time by sending a ticket thru the customer services section. This will be a random, alpha-numerical password assigned to you by Totem via email. Click on the 'i' symbol at the top then follow the instructions :)