Step 1: Find Your Picture.
You can go to online-convert.com, click on the Convert your image to ICO section, and convert the picture to a .ico file. Or click on the link. Try to make the image under 1 GB or else you have to pay, and being poor, I'm not going to pay for something. But you shouldn't have any problems.
Alternatively, you can go to iconarchive.com and find the image you want. If you went here, you'll want to click the ICO tag on the picture.
Make sure you know where you saved the picture. It's best to move it to the pictures folder.
Step 2: Apply Picture.
Your folder should now be on the screen somewhere. Now you need to right click on the folder and click properties.
You should get a menu close to the one in the third picture. Then click the customize tab.
Now click on the Change Icon button. Should get a screen like the fourth picture. Now click the browse button. Navigate your way to the folder that holds that .ico picture that you made earlier.
Once you've found it, hit open, then okay, then okay again. All of the menus should be gone. And you'll notice that your folder now has whatever picture you wanted. Woohoo.
Step 3: The Text.
So, right click on the folder and click on Rename. The text should be highlighted now. Right click inside the area with the text in it. You should get a screen like the one in picture two.
Hover over the Insert Unicode Control Character and another menu should appear. Click on the one that says AAFS. Click somewhere not the folder and the text should be gone. w00t.
UPDATE: I noticed that if you want to make multiple folders without the text at the bottom, you'll have to select a different Unicode Character Control.