Yes, if you have it connected to Outlook, disconnect it via;
File-> Data File Management...
Close Outlook and rename the archive file via Windows Explorer.
Start Outlook and reconnect to the original archive via;
File-> Open-> Outlook Data File...
The next time that you run Archive or AutoArchive, it will automatically
create a new archive file.
Another approach would be to set your AutoArchive settings to use another
archive file via;
Tools-> Options-> tab Other-> button AutoArchive...