To change the  name of the Recycle Bin desktop icon, open Regedit and go  to:
HKEY_CLASSES_ROOT/CLSID/{645FF040-5081-101B-9F08-00AA002F954E}  
and change the name "Recycle Bin" to whatever you want (don't type any quotes).
 
To change the  name of the Recycle Bin desktop icon, open Regedit and go  to:
HKEY_CLASSES_ROOT/CLSID/{645FF040-5081-101B-9F08-00AA002F954E}  
and change the name "Recycle Bin" to whatever you want (don't type any quotes).
If you don't use the Recycle Bin to store deleted files, you can get rid of its desktop icon all together.
Run Regedit and go to:
HKEY_LOCAL_MACHINE/SOFTWARE/Microsoft/Windows/CurrentVersion/explorer/Desktop/NameSpace
Click on the "Recycle Bin" string in  the right hand pane. Hit Del, click OK.