You do not need to place it elsewhere because you still can access the
Recycle Bin from the Windows Explorer if you delete it from your
Desktop. If you want you can drag the icon onto the Start button to
create an extra shortcut in the Start Menu.
To hide the icon, run TWEAKUI.EXE > Desktop and uncheck it here.
TweakUI is available from http://www.microsoft.com/windowsxp/pro/downloads/powertoys.asp.
