How to Change or Rename the Recycle bin in windows?

Go to start->run
type as regedit
and hit enter
Registry edit will open.

Navigate to this Path by clicking the plus symbol:

HKEY_CLASSES_ROOT/CLSID/{645FF040-5081-101B-9F08-00AA002F954E}

You can see as Recycle bin in right panel.
Change it as your wish.