Active, Inactive, Hold, What-if

I am trying to revise the project status choices listed on the general tab of the project details view.  Does anyone know how to do this?  My organization doesn't understand a couple of the listed values and would like to change them, also perhaps adding one more option.  They would like the status list choices altered to: Active, Hold, Planned, Cancelled, What-if? and New.

I know this can be done with project codes.  We would like to use the list provided in the purpose for which it was designed, if at all possible.  Thank you in advance for any assistance in making this happen.