It's really easy, and I did it.
All you have to do is create a Shortcut to the Recycle Bin, and put it in a folder of its own anywhere on your computer. I put mine in My Documents - I have a Toolbars folder, and inside that I made a Folder called "Trash" and stuck the shortcut in there.
After you do this, right click the taskbar, hover ove "Toolbars", and choose "New Toolbar..." Then just navigate to the folder with your shortcut in it and select it. You will now have a functioning Recycle Bin toolbar docked in your taskbar and you can put it wherever you want.
I put mine on the bottom toolbar, but you can put yours in the Taskbar if you want.
Also, another method is to put a Shortcut to the Recycle Bin in your Quick Launch with your other icons.
If you want to hide the Recycle Bin icon on your desktop so it is completely clean, right click the Desktop, hover over "View" and uncheck "Show Desktop Icons".
Voila!
Edit: It might be slightly different on XP to hide the icons, it might be under "Arrange Icons By..." or something like that.