There's been a thread running on CF-Talk about CFApplication name in a shared hosting enviroment. WIthout going into the actual thread discussion, Mosh Teitelbaum posted a dynamic naming solution. The only bit i've changed in the code below from the original is making the replace() into a reReplace() and also converting a ":" into an underscore "_"

<cfset cfapplicationName = Right(reReplace(GetDirectoryFromPath(GetCurrentTemplatePath()), ":|\\\\", "_", "ALL"),64) />

Update: Sean Corfield has an excellent Post about the actual thread