Joel Oleson has posted an Recycle Bin application for SharePoint.
It’s an IT Admin based Recycle Bin which does not modify the db schema or change any pages.
It uses ISAPI handler and extension to capture file deletes from HTTP/S, Web DAV, FP RPC, etc… it captures attachments, FrontPage deletes, Shell deletes, etc…. and copies them a specified path on the the file system prior to delete.
Read all about the application and other SharePoint tools at source: Joel Oleson’s SharePoint Blog: Post to Internal SharePoint DL
Download it at the SharePoint Tools Workspace.