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If you pin My Computer to the taskbar it appears as Windows Explorer and when you execute it you get Libraries instead of what you would expect from My Computer. To fix this:
Right-click on the taskbar icon, then right-click on Windows Explorer and edit its properties.
Under the Shortcut tab, and Target, append a space followed by ::{20D04FE0-3AEA-1069-A2D8-08002B30309D}.
To change the icon to that of My Computer:
Use %SystemRoot%\System32\imageres.dll.
In order for this to work for me, I had to actually unpin the existing Windows Explorer, create a shortcut to C:\Windows\explorer.exe on my desktop, edit the shortcut's properties, and then drag that to the taskbar. The icon for the previously pinned Windows Explorer would not refresh itself. I don't know if it would have or not if I'd logged out and then back in again.
Windows 7 won't let you pin the Recycle Bin to the taskbar as a separate icon. Instead, it will appear as an entry under Windows Explorer. To actually empty the Recycle Bin, Shift right-click on it after bringing it up.