Is it possible to label a procedure (an address) a certain name? For example, if there is a function at 004010100h, I would like to give it some name like "strlen" and even possible name its parameters. So when I step through code, I would see "call strlen" instead of call 004010100h, or maybe a side tip like for API functions.

comrade: RTFM

labels: key ":"
comments: key ";"
parameters: read help's "Custom function descriptions"

well u can also use assume arguments so that when you see in stack you can see those parameters (it is in right click some where)

when you are on certain call press f7 single step and use assume arguments
so that olly will decode that function as StdFunction (no of arguments)
then press ctrl+a (analyze) stack will show the call with all its params as if it is an api call

hope this helps a little

Thanks!