Title image (Logo)

Is it possible to alter the 'party freak' title image (logo) to the title of my site or do I need another logo to be made? I want to keep the same design as on the demo version with the same colours but just change the title. Is this simple to do?

The easiest way is prepare new logo and replace the file, you can also change the text from template manager but you can choose only one option image or text.