We want you to have the device in hand as soon as possible, BRYGWY27. While it is possible to cancel the preorder and purchase one at the store, it is risky to do so, because the stores may not have the specific color, memory size, and model that you originally wanted, and because the device is in such high demand, they are going very quickly.
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You have the option to cancel your order but you shouldn't do so unless you know for a fact that the store has the color and size device you want. You opted to preorder which gave you the convenience of knowing you will receive a device as soon as it's available (and because millions preordered at the same time around the globe you were all battling for the same supply). Those that opted to go to a store to purchase in many cases had to deal with long waits (in some cases being in line overnigh) with no guarantee that they would walk out of the store with a phone. Many stores didn't receive much stock...some only received a handful of 7's and no 7 Pluses. Ultimately the store route is more of a gamble where the preorder gives you virtual place in line without you having to wonder if you'll get a phone...the when may be in question as it is with every popular preorder release.
Check yout local store. If they have what you want cancel your preorder while in that store and then purchase the one available. In the future, if you prefer to take your chances in store skip the preorder. The last few releases haven't garnered anyone an earlier than release day delivery anyway.
Apple sets aside some phones for in-store stock and some for pre-orders. When you get your pre-order depends on demand for the model/color you ordered plus when you ordered it. Millions of people start the process of pre-ordering the SECOND the system goes live. Ordering just an hour or two after the system goes live can mean the difference between getting a phone from the first shipment vs. getting one from the third batch, or fourth batch.
If you are looking to pick up a new iPhone from an Apple Store, try this tool: Apple