Hi ivaluethat,
The picklist entries can not be edited outside of Report Pro, although you can print a list to hardcopy or PDF by clicking File, Common Responses, Print. This method can give you a scratch sheet to reference the contents of your picklist while you go to the fields you'd like to change and edit when you're in Report Pro (Right click, Common Response, Edit OR Shift F6)
Hope this helps- feel free to contact me/us if you'd like more advice,
Andy @ ACI
800-274-8727