yes,,
if you are the only Admin, you should have the Admin Tools set up in your All Programs List, If not, Look in the Control Panel for the Administrative Tools folder,,
Once in Admin Tools, Go into the applet Computer Management,,, look at the Local users and Groups folder and create your users,, within the setup you are able to outline what they are able to access, logon times, internet access, folder access and creation,, etc,,
My advice to you would be to set up a test user, and modify the permissions of this user until it is customized to your liking,, then use this Test user as the template for every additional user you create,,
further ,, ensure that you have formatted your hard drive with the NTFS file system, this will allow you to add the permissions to folders as you see fit,,
If you wish to do some reading,, search on "setting up Permissions with NTFS"
cheers,