Microsoft have released Private Folder 1.0, which lets you have a folder called ‘My Private Folder’ which you can password protect.
Microsoft Private Folder 1.0 is a useful tool for you to protect your private data when your friends, colleagues, kids or other people share your PC or account. With this tool, you will get one password protected folder called ‘My Private Folder’ in your account to save your personal files.

You can grab a copy of it HERE (However this requires a “Genuine” version of Windows-As most free Microsoft software requires now days.)
MSBlog