Greetings, everyone. In newer versions of Windows, the ability to rename the Network icon on the Desktop and the Navigation Pane has been removed. It's always been possible to do it in the registry, but there is no 'Rename' option when you right click the icon like in earlier versions of Windows. Well here's how you can restore it.

NOTE: I am doing this with Windows 8.1, but it should also work on Windows 7. Please let me know if it doesn't.

1.) Press Windows Key + R on your keyboard and type regedit, and press enter.

2.) Navigate to this key:

3.) In order to make changes to this key, we need to take ownership of it. If you don't know how to do this, click here. Otherwise continue on to the next step.

4.) After you have taken ownership of the ShellFolder key, double click on the Attributes value on the right pane.
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5.) In the window that pops up, change the 'Value Data' box from b0040064 to b0040070
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6.) Now close the Registry Editor. In order for changes to take effect, you will need to log off or restart your computer (you can also restart explorer.exe if you know how to do that).

7.) You should now have the option to rename the Network icon.
Click image for larger version

So go ahead and rename it to whatever you'd like! I hope you enjoy, and have a nice day!