Suggestion, something similar to libraries.
Virtual Folders = Really Simple Shorcutting = Your own library for your own usage
In Vista you get this thing called Search Folders, where it will give you items based on your search. Take out the search bit and you get Virtual Folders.
Virtual Folders lets you put in Apps, Folders and Files, which actually links to them, so you would not have to go here and there to get them. (just like a library, but more user created.)
This is useful for like projects, or putting your favourite apps into one folder, as you can save space by not copying duplicates.