The Recycle Bin icon is the only icon that you can not remove from your XP desktop, as you can do that with My Computer, My Documents and other icons that are associated with the Desktop. To delete the My Computer you have to press just SHIFT+DEL and its done and if you want to restore it, just go to the Desktop Properties, select the desktop tab then click Costumize Desktop and at the Desktop Icons section select My Computer (see in the picture below).
Let’s go back now at our aim, to remove the Recycle Bin icon from our desktop. To do that, follow this steps
Go to Start –> Run and type regedit and the Registry Editor window will appear
Follow the adress below and you have to arrive at the point as it is shown in the picture
After locating the directory (see the picture) named
{645FF040-5081-101B-9F0800AA002F954E}, just delete it and you are done.