From what you're describing, alot of this is OS specific.
You can set up your folders and give access to groups of people, say set up a group that has access to list directories, and another group that has access to read files. You can then set up user accounts for each person and place them in the groups depending on what rights you wish to give. You can give people multiple logins, so that they can log in with one username to read, and one if they only want to list files. However, the ability to do this is extremely limiting in windows 98 and under, logging in under different usernames usually requires them to be using that username when they log into the system. It works fairly well in NT based operating systems, though, NTworkstation 4, win2k, and they can map drives by simply specifying usernames.
You don't list what operating system you're running, but most of what I recommend requires an NT base too. EDIT: oops, saw winxp in the title, should work fine in pro, i have no experience with home edition, so I'm not sure whether it will work or not.
As a side note, I wouldn't use the guest account at all, it's very limiting, and should be turned off just for security reasons.
As always, I could be wrong, it's happened before, going to happen again. Hope this helps, and/or makes sense.