Click on the host, click "put in maintenance mode". VMmotion/Migrate/Power off your VM's as needed.
Once the host is in Maintenance mode, you need to disconnect (right click on host name, and select disconnect) from the cluster.
Then you can directly connect with VIC to that host. Putty to the host, edit the /etc/hosts and /etc/sysconfig/network files and change the appropriate host name. Save the files, reboot the host, verify the host name is correct.
Be sure to update your DNS/DHCP entries with the new host name on your network, and then you can remove the host from your cluster, and then right click on the cluster, add the host by it's new name, and that's it.
You should be complete after that.