# 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:
{645FF040-5081-101B-9F08-00AA002F954E}
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.