On XP, the utility linkd.exe can be used to create NTFS junction points. Junction points let you ‘graft’ a target folder onto another NTFS folder or mount a volume onto an NTFS junction point. Junction points solve the problem of needing more then 26 drive letters.
e.g. linkd c:\mydir c:\wheresourceis\alongwayaway
This utility is available on the Windows 2003 resource kit but it runs on XP too. On Vista, the equivalent utility is
mklink.mklink c:\mydir c:\wheresourceis\alongwayaway. On the SysInternals web site there is a free tool called junction.exe that is works like linkd.exe.