Read http://is-it-true.org/nt/atips/atips309.shtml but while that's just the tip of the iceberg, there is enough in Start, Help and Support about NTFS PERMISSIONS to keep you busy.
You can do this with ease.
How can I set up a folder (not on C:/) with the same protections as the MY Documents folder? I'm the Administrator on my home PC and all other accounts are Limited. Anything in My Documents is hidden, however, my C:/ drive is filling fast and I want to insure the same protections to folders on other drives. I'm not looking for password protection. Thanks.
I'm running XP Pro, SP2, with all updates installed. I have 5 hard drives installed.