On W2K, NT, and XP, if you do not have the permission to list a folder, then it is effectively invisible. There's no way for a non-administrator to view it without permission.
Note, though, that this does not really hide it from ever being viewed. There a several methods to hack the NT password. Simply moving the hard drive to another computer negates the permissioning on W2K, and there are ways to reset the password on an XP drive if it's placed in a nother computer.
If you are serious about hiding the directory, you need to use a driver level utility to do so.
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