1) Go to 'Start' menu and click on 'Run' command.
2) Write down 'regedit' there. You will see Registery Editor Window on your Screen.
3) Now, On the Left Hand Side of the Window you will see a Tree of folders Just double click on the HKEY_CURRENT_USER folder.
4) Now, in the new folder Tree double click on the 'Software' folder.
5) Then double click on 'Microsoft' folder>'Windows' folder>'Current Version' folder>'Explorer' folder>'CLSID' folder.
6)Now, You will see a Tree of folder. Click on the folder : '{645FF040-5081-101B-9F08-00AA002F954E}'.
7) Finally, after Clicking on '{645FF040-5081-101B-9F08-00AA002F954E}' folder. Go to the Right Hand Side of the Same window and double click on the "Default" option and write in the name which you want to display instead of Recycle.
8) Go to your desktop and refresh the desktop and see the magic. Recycle Bin has been renamed.