No, you can't do that. At least I if I understand what you are trying to do. I think you are talking about having different users on the same machine accessing a folder by entering a password.
I suppose this is possible if you are using NTFS, and you put the folder in the correct place and open it as another user, giving everyone who wants access to that folder the password for that user.
Easier to zip the folder and put a password on the zip file using WinZip or similar.