1. Start, Run, 'Regedit'.
2. Press 'Ctrl'+'F' to open find box and type 'Recycle Bin' to search.
3. Change any value data with 'Recycle Bin' to whatever name you want to give it ( ie, like 'Trash Can' or 'Dump' etc).
4. Press F3 to continue searching for 'Recycle Bin' and change wherever you come across 'Recycle Bin' to new its new name.
5. Repeat step 4 until you have finished with searching and changed all values to its new name.
6. Close regedit and hit F5 on desktop to see the new name on screen.

Note: As a good practice, always backup your registry before changing anything although changing 'Recycle Bin' name is a simple tweak and doesnt affect anything else.