How To Rename Your Recycle Bin

1. Click Start / Run
2. Type regedit and press enter.
3. Open the HKEY_CLASSES_ROOT folder
4. Open the CLSID folder
5. Open the {645FF040-5081-101B-9F08-00AA002F954E} folder
6. Open the ShellFolder folder
7. Change the "Attributes" data value from "40 01 00 20" to "50 01 00 20". Once
    completed change the "CallForAttributes" dword value to "0x00000000" (doubleclick and change value                data to 0).

You must change both of these values to get the rename to appear.

After performing the above steps you will be able to rename the icon like any other
icon. Right-click the Recycle Bin icon on the desktop and click Rename and rename it
to whatever you wish.