If you (like me) would like to be able to rename the Recycle Bin to something else (Trash, Waste, Shredder, etc) then this tweak will make it easy to do so.
Open up your favorite plain text editor (notepad, for example) and copy the following text into a new file:
Windows Registry Editor Version 5.00
[HKEY_CLASSES_ROOT\CLSID\{645FF040-5081-101B-9F08-00AA002F954E}\ShellFolder]
"Attributes"=hex:50,01,00,20
"CallForAttributes"=dword:00000000
Now save this text file as a .reg file, such as "Rename Recycle Bin.reg" and put it wherever you like. Double click on the file, and when it asks you if you want to import it into the registry, choose Yes. You'll notice a new option in the right-click menu to Rename the Recycle Bin. You can also rename it by highlighing the Bin and hitting F2, or by highlighting it and clicking on the file name (just like renaming any other file.
If you want to turn off this new feature, make another .reg file with the same content as above, but change the first number in the "Attributes"=hex: line from 50 to 40 and import that file into the registry.
USE REGEDIT AND FOLLOW THIS:
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.
THIS WILL WORK, WITH NO GLITCHES PERIOD