I think you could play with a registry setting.

But it might be easier (since you know the drive/folder name) to just
create/find a CD that has that folder on it.

Insert that CD, then wait for windows to recognize it.  

Then try Tools|Options.

If that doesn't work, you could look at the registry and change it there.

But working with the registry can be dangerous.  Make sure you back it up before
you try anything.