In the past I've just searched in regedit to find "Recycle Bin" and changed it to "Trash Can", but for some reason that didn't work for me when I installed WinXP SP2 on my new laptop. I found a different registry hack involving creating a .reg file with the following content:

REGEDIT4

[HKEY_CLASSES_ROOT\CLSID\{645FF040-5081-101B-9F08-00AA002F954E}\ShellFolder] "Attributes"=hex:50,01,00,20 "CallForAttributes"=dword:00000000

When you import those keys, you'll get a new option in the right-click menu to Rename the Recycle Bin. You can also rename it by highlighing the bin and hitting F2, or by highlighting it and clicking on the name.

If you want to turn off this new feature, make another .reg file 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.