It's just a folder, and I assume it can be deleted. But normally, it's hidden and makes it somewhat difficult to delete, unless you have it unhidden yourself. Some people do.
But Windows should create a new recycle bin if it finds there isn't one if you delete a file that should be put in there.
My somewhat experienced friend just told me she accidentally deleted the recycle bin. I haven't had a chance to look at the system yet, but is that possible? If so, how can she bring it back to life?