Folder Lockbox 1.0 Beta 3
http://fileforum.betanews.com/detail/Folder_Lockbox/1153322459/1
from 
WinCustomize Forums
WinCustomize Forums
I haven't tried this yet, but I know this is something people have been looking for on the forums.
"Folder Lockbox is a security software enabling you to password protect any folder on your computer. The protected folder (lockbox) is hidden from any user and application of your system, including Administrator and System itself. It is impossible to access the lockbox not only from the local computer, but also from the net. The program is extremely easy to use. You can set the lockbox location and the password during the setup procedure. After the setup is done, lockbox will be hidden and locked until you enter the valid password."
"Folder Lockbox is a security software enabling you to password protect any folder on your computer. The protected folder (lockbox) is hidden from any user and application of your system, including Administrator and System itself. It is impossible to access the lockbox not only from the local computer, but also from the net. The program is extremely easy to use. You can set the lockbox location and the password during the setup procedure. After the setup is done, lockbox will be hidden and locked until you enter the valid password."
