I just submitted my first app a couple of hours ago and is now in the status \"waiting for review\"
but i had made one mistake -
i had named my distribution<
If you are adamant about changing the provisioning name while your app is pending, you can go ahead and reject your binary. Then do your changes in the provisioning name and also incorporate it in the app that you are going to submit and re-submit your binary again. You might lose the place you have in the line for waiting to be reviewed but it really does not make much of a difference. So I suggest you reject the binary and do your changes then re-submit.
If you change the provisioning profile and uploads your app with this changed provisioning it'll be taken as new app, not as the update of existing app, because of the difference in provisioning.
What is the issue with the misnamed profile ? No one can see that other than you. So don't worry about that.