Have a read here microsoft.
http://www.support.microsoft.com/?kbid=810869
More info below but read microsoft also.
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\
HideDesktopIcons\NewStartPanel
In the right pane, right-click the following registry DWORD value, and then click Modify:
{645FF040-5081-101B-9F08-00AA002F954E}
In the Value data box, type 0, and then click OK. (The TweakUI utility sets this value to 1 to hide the Recycle Bin icon.)
Quit Registry Editor.
The Recycle Bin icon reappears on the Desktop.
NOW I have not tried this in the registry for a long time but I think it worked
If I remember right.
The microsoft article talks about this also. SO please read it to get a better idea.
(Just set value to 1 to hide the recycle bin icon)
Be sure to backup the registry Key FIRST.