Change Drive Name and Icon

Open your registry and find the key below. If the key does not already exist then create it.

Within the main key create a new sub-key with a single letter representing the drive letter of the drive to be modified. (e.g. [HKEY...\DriveIcons\D])

Within the drive letter key create another sub-key called "DefaultIcon" (e.g. [HKEY...\DriveIcons\D\DefaultIcon]) and set the "(Default)" value to equal the fully qualified name of the icon file. If the file contains more that one icon follow it with a comma and the zero-based index of the icon (e.g. "c:\icons\xp.ico").

Create another sub-key within the drive letter key called "DefaultLabel" (e.g. [HKEY...\DriveIcons\D\DefaultLabel]) and set it's "(Default)" value to equal the label for the drive letter (e.g. "winXP Drive ").

For example:

HKEY_LOCAL_MACHINE/Software/Microsoft/Windows/CurrentVersion/Explorer/DriveIcons/D
DefaultIcon
(Default) = c:\icons\xp.ico
DefaultLabel
(Default) = winXP Drive

Settings:
System Key: [HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\
DriveIcons]
Name: Default
Type: REG_SZ (String Value)

Note: The "DefaultLabel" value only works with Windows 2000 and higher.