If you own all the code, then you can re-release it under whatever license you want.
The problem comes if someone has contributed patches to the project. What usually happens is that they own that code, and they contributed it under the current software license. (You should have some sort of contributers agreement that covers this.) Therefore, to re-license it you will need their permission. Depending on how may contributers you have, this could be hard. For a reference for this, look at the OpenStreetMap license change and how long that is taking.
But IANAL, disclaimer, etc.
And what pplpeople will make of your license change is another matter, as another answer comments on.
EDIT: I answered this as it relates to open source products. But re-reading the question I see it's not clear whether it's closed source or open.
If you are talking about 2 closed source licenses it's easy: If you own all the code, then you can re-release it under whatever license you want. Just make your alpha version commercial closed source license, all the usual terms (no copying, etc.), just with a price of zero.