Renaming the recycle bin

open registry editor.

You can open regedit by start > run  and then type regedit in the run dialog box and then give ok.

And then now navigate to HKEY_CLASSES_ROOT/CLSID/{645FF040-5081-101B-9F08-00AA002F954E}  and then change the value (by default it is recycle bin) to the name you desire.