# Open RegEdit by typing "regedit" (without quotes) in the Run menu.

# Open the "HKEY_CLASSES_ROOT" folder.

# Open the "CLSID" folder.

# Look for the folder within the brackets that starts with {645FF and open it.

Here's the full code:
This long garble is the Recycle Bin's global unique identifier. All system file folders have 'em.

# Double-click Shellfolder.

# On the right side, find Attributes. Right-click Attributes and click Modify.

# Change the binary value data from default 40 01 00 20 to 70 01 00 20.

# Click OK and exit RegEdit.

# Now, your Recycle Bin still can't be renamed by right-clicking alone (unless you're using Windows 98), but when you right-click and choose Explore, you can now modify it from the File menu!

BTW, the above instructions are blatently stolen from Tech TV.
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