Is it possible to change a virtual device value from "on" to "trash" or "yard waste" ?
Devices per se don't have values. Attributes (what you see under "Current States" on the device detail page) do. You can write a virtual device driver with whatever attributes and values you want. But you can't (or at least shouldn't) commandeer standard attributes like "switch" to have values other than the standard ones ("on" and "Off" in this case).
You can also use hub variables rather than a device, and a string variable could be set to show whatever value you want.
Those are just two options that sound like they might be related to the question.
There is likely a way to ultimately do what you want. But it would likely be best to step back and describe exactly what you're trying to do, then maybe someone can help you figure out the best way to make it happen.