Rename Recycle Bin in Windows

On the desktop, you can rename the My Computer, My Network Places, My Documents, and
Internet Explorer icons. Assuming you see these icons on your desktop, right−click them, and then click Rename. Other icons, like the Recycle Bin, aren't so easy. No Rename command is available for them.

Now to Rename Recycle in Windows,

Go to start menu and select RUN . Enter regedit and open Windows Registry editor . In HKEY_CLASSES_ROOT , search for Recycle Bins 's CLSID(Class ID) , 645FF040−5081−101B−9F08−00AA002F954E .

To rename the Recycle Bin icon to your desired name, set the value of LocalizedString in the key
HKCR\CLSID\{645FF040−5081−101B−9F08−00AA002F954E} to your desired name by double clicking default. Afterward, click thedesktop, and press F5 to refresh its contents. The value LocalizedString usually contains somethinglike @%SystemRoot\system32\SHELL32.dll,−8964, which means that Windows XP uses thestring with the ID 8964 from the file Shell32.dll. Just replace all that with the new desired name.