Waste Basket Icon
 

Hi, is it possible to alter the wastebasket icon or even be able to rename it?

D.T :(

Renaming is easy. Right click on the desktop and choose 'Configure desktop'. Then go to Paths and check what it says under Trash Path (it is the actual location of the trash folder). Using a file manager or from a command line, rename it to your liking. then adjust the entry for the Trash Path accordingly. Click OK and you should be done with the renaming.
For changing the icon, right click the wastebasket, choose properties and then click on the icon in the popup window. You'll be able to change the icon but I doubt there's any decent alternative.

Configure Desktop
 

Hi , I am not sure what you mean , I right click desktop but get no Configure Desktop. Can you tell me if you mean an Icon , Button or the Desktop itself ?

D.T.:(

any empty space on the desktop itself. you should get a context menu.

you get the same menu in kde control center-->system -->paths

Actually, I'm assuming you're using KDE. If you're not, I'm not sure what you need to do.