Steve;
Not without a 3rd party solution.
Many feel the Private Folder was a bad idea since it was really just a
poor workaround resulting in its quick removal.
The correct solution to your problem is the one you do not want,
create and use multiple profiles.
That is exactly one of the reasons for profiles.

Signature
Jupiter Jones [MVP]
http://www3.telus.net/dandemar
http://www.dts-l.org
>I know Microsoft pulled back their Private Folder add-on, but is
>there a way in Vista Ultimate to password protect a folder? I have a
[quoted text clipped - 3 lines]
>contents of the folder before be prompted for a password when trying
>to open a file inside.