These instructions assume that you are using an Eclipse-based IDE to develop your PhoneGap application.
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Rename the project in Eclipse
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Rename the package:
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Change the Android Manifest. You should remove features that you are not using if possible. The only two that need to remain are READ_PHONE_STATE and INTERNET if you are only using it for the web. Also, remember to change the package, versionCode and versionName since these appear on the Android Market.
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Fix Reference Errors if they occur by deleting the line that is highlighted in the Java files. (Eclipse autogenerates references)
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Change the name of the app in res/values/strings.xml
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Right click on the package, go to Android Tools, Export Signed Application Package

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Create a keystore. Remember where this keystore is!
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Follow the wizard and sign the application.
Once the apk has been exported, please remember to deploy it to the Android Market.