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