Rename The Microsoft Windows Recycle Bin

Click Start / Run
Type regedit and press enter.
Open the HKEY_CLASSES_ROOT folder
Open the CLSID folder
Open the {645FF040-5081-101B-9F08-00AA002F954E} folder
Open the ShellFolder folder
Change the Attributes data value from 40 01 00 20 to 50 01 00 20. Once completed change the CallForAttributes dword value to 0x00000000 (double-click 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.