Note: Modifying you registry can cause serious damage to your system. Please proceed at your own risk. I will not be help responsible for any damage.
Ok so thats over with. No lets start.
Open up your favorite plain text editor such as notepad and copy the following text into a new file:
Windows Registry Editor Version 5.00
Now save this text file as a .reg file, such as "Rename Recycle Bin.reg" and put it wherever you like. Double click on the file, and when it asks you if you want to import it into the registry, choose Yes. Now there is a rename option in the Bin's right click menu.
If you want to turn off this new feature, make another file the same way with the same content as above, but change the first number in the "Attributes"=hex: line from 50 to 40 and import that file into the registry.