I think you will have to use some software for doing this. At the least if you dont want to dwld any software than "dirlock" is a great utility that can do the job for you without much overhead as that by any other software. But it needs .Net Framework 1.1 and NTFS volume to work. It is free and you can dwld it from
http://www.softpedia.com/get/Security/Lockdown/dirLock.shtml (its only 140 KB in size, as its more like a utility than a software)...
But I will recommend the software "Folder Lock" as it is very protective and gives you a lot of features.
With Regards
Ska
(pls mark the post as answer if it is)