No. Here's why. Some programs don't run unless you have an administrator capable account. I noted this issue at http://reviews.cnet.com/5208-6142-0.html?forumID=5&threadID=39683&messageID=465272&tag=
As to programs that don't have this requirement the pressure (knowledge?) is on the owner to make shortcuts and more to get the software to "work". But this doesn't work with all software.
Be sure to check if the software asks during install if it should install for all accounts.
Running XP on a FAT32 file system. My limited account that I created can't access certain programs on the machine. Is there a workaround? I know how to fix it on a NTFS system, but not FAT32, if it's even possible.