Folder Password Lock is an extremely powerful free tool that will password protect individual files and folders on your computer. From the locked file summary you will see which folders have been locked and which ones are available. You can then select any of them for unlocking, or hide any folder you don't want to be accessed. This is an extremely useful tool, as it means you don't have to remember one-digit combinations for every file on your system - you just type it in and it's there forever.
To activate the folder password lock, just click on the "Change" button next to the locked file's icon. This will bring up a new dialog box, where you can enter a new password to protect the selected folders. The only way to unlock the file is via the master password, which can be remembered but not edited, so it is best used with a Windows Live ID guest account.
The only problems with this tool are that it doesn't work for some NTFS drives, and it requires Windows to be turned on to use it. This program is also known as the Windows Free Logger, so if you ever run into any problems or issues with this, the best place to get help is from the official Windows Live site. If you do use this, please read the disclaimer very carefully, as it contains important information that may help you avoid future problems. Please note that this software could be considered very unstable and may damage your system...so only use it on a Windows computer!