I've occasionally felt the need for unix-ish symbolic links in Windows. I actually went and checked the other day and found that Sysinternals has a freeware tool called Junction available which does just that. Check it out:
One gotcha though - if directory ooga is a symlink to booga and you delete ooga, it deletes ooga and all files under it and consequentially from under booga too. So now your hardlink directory booga is dead in the water. You've been warned.