Yes, its possible. Click Start, Run and enter REGEDIT Go to:
HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer\HideDes
ktopIcons
There should be two subkeys listed under this key. ClassicStartMenu and
NewStartPanel If they don't exist, right click the HideDesktopIcons key
and select New, Key and name the new key as above. Repeat for each one.
Then open each of the ClassicStartMenu and NewStartPanel subkeys.
Look in the right pane for a value named:
{645FF040-5081-101B-9F08-00AA002F954E}
If this value exists, it should be set to 1 to hide the Recycle Bin on the
Desktop. If it isn't, right click and select Modify and change it to 1. If
it doesn't exist, right click in a blank area of the right pane and select
New, DWord value and name it {645FF040-5081-101B-9F08-00AA002F954E} Modify
the value you just created and change the value to 1. Now go back to the
Desktop and refresh it, or log off/log on to see the change.