The Microsoft Internet IT group has released a SharePoint Recycle Bin implemented via an ISAPI filter. This is really the only “bullet proof” approach to the problem with the current version of SharePoint.

Read about it here from Chris: http://blogs.msdn.com/cjohnson/archive/2005/10/06/477544.aspx

And here from Joel: http://spaces.msn.com/members/joeloleson/Blog/cns!1pw3EWFLZcwvLlkcI8XdgIjw!148.entry