To change Drive Letters:
Go to Start > Control Panel > Administrative Tools > Computer Management, Disk Management, then right-click the partition whose name you want to change (click in the white area just below the word "Volume") and select "change drive letter and paths."
From here you can add, remove or change drive letters and paths to the partition



Removing the Shortcut arrow from Desktop Icons:
Goto Start then Run and Enter regedit. Navigate to HKEY_CLASSES_ROOTlnkfile. Delete the IsShortcut registry value. You may need to restart Windows XP.