How to Rename a SharePoint 2007 WebApplication

There are couple ways of doing this:

1) Un-extending your web application and re-extending it again [I haven’t done this, as I felt this was risky.]
2) The method which I am going to detail in this post.

I was doing this on my PRODUCTION directly. So I preferred the second method.This is the least risky way of doing this.
If I have a web application named http://oldweb.fahad.com,and I want to rename it to http://newweb.fahad.com
How do I do this?

Follow the below steps:

1) Login to your Central administration.
2) Alternate Access Mappings. Add one more entry for http://oldweb.fahad.com [The new entry is http://newweb.fahad.com ].Chose the zone as Intranet.
3) Edit Bindings in IIS. Add one more entry for oldweb.fahad.com [The new Host Name entry is newweb.fahad.com ].
5) Make the host entries in DNS.

P.S. Note that you will lose your alerts and workflows associations by doing this.