2
Off the top of my head:
Copy all the module files into a new directory, for example "mynews".
Edit "mynews/xoops_version.php", and change the $modversion['dirname'] line to reflect the new directory (you might also have to edit/rename the block and template names too).
Edit "mynews/sql/mysql.sql", and change the name of the two tables (edit the CREATE TABLE names).
Edit "mynews/admin/index.php", and change this line to reflect the new directory:
include_once XOOPS_ROOT_PATH."/modules/news/class/class.newsstory.php";
There might be a number of references to the directory name within any module files. These will all have to be changed.
No guarantee the above will work, but it's a start.

Brad