To create a virtual drive and associate a physical folder path to a drive letter.
Open up a command prompt window and issue the following command:
SUBST z: C:\data\vdrive
If you ever move the folder, and want to change the shortcut, just reissue the SUBST command:
SUBST z: D:\data\vdrive
To Delete the virtual drive created just give this command.
SUBST z: /D