Yes. If you're using Win2k or WinXP and have your media drives formatted with NTFS, you can use either of the following methods to allow you multiple folders for media.
1) Use the Disk Management applet inside Computer Manager, and mount your drives inside an empty folder on another drive. Using this method you can have a single drive dedicated to one folder, and mount it inside a folder on a third drive, or your boot drive.
2) Find and download a program called junction.exe from http://www.sysinternals.com and create hard links of folders (or files if you want).
Those of you using Windows 98 / ME... for Pete's sake, upgrade!