Windows 7 Navigation Pane Customizer is a freeware from door2windows that allows you to show, hide and rename items in the Windows Explorer navigation pane.
How to use:
Run the tool as administrator.
Check the items that you want to show and uncheck the items that you want to hide.
Click on the item that you want to rename and type the new name for it.
Click Apply Settings.
Now the Windows Explorer will restart and the changes will be applied. If you want to restore the default settings, click Restore Settings.