Kishen Bagaria has come up with yet another useful utility. Named Windows 7 Navigation Pane Customizer, this free tool allows you to show, hide and rename items in the Windows Explorer navigation pane.
Windows 7 Explorer Navigation Pane by default shows your Favorites, Libraries, the disk drives and your Network places. Using Windows 7 Navigation Pane Customizer you can display Control Panel items, Home Group, User Home Folder, and Recycle. You can also hide any of the above items from the navigation panel.
Simply run the tool, and check the boxes next to the items you want displayed, and click on Apply Settings. To return back to the default setup, click on Restore Settings.