Sometimes you want your Desktop to be nice and neat, so you only have a few icons on there. But, you know what the Recycle Bin and My Computer looks like already (this works with other icons, as well, I am using these two as an example). So, here is a quick and easy way to get rid of the names below the folder.
Right click the icon you want to change and go to Rename.
Hold down the ALT key and press 0160 (ASCII for the Space), and press enter. Tada! No name for the icon. You can do this to whatever icon you’d like.