Mount Dropbox folder as a drive letter in Windows (Dropbox must be installed). Edit 10-12-2015: I feel like this video is turning out to be disappointing to people due to the file deletion caveat and the Free Space displayed for the dropbox-mapped drive. I did a little research and found this product, though I have not tested it. There are probably other similar products. http://www.netdrive.net/ Be warned it is $45 to buy a license after 30 days.
This video shows you an easy way to add dropbox as a drive letter in Windows 7. The method is very similar for windows 7 and windows xp.
My dropbox appears as R: in My Computer. You can also use http://www.ntwind.com/software/utilities/visual-subst.html, which this guide does not cover.
Beware, in most situations, deleted files when using dropbox from the 'network location' will not go to the recycling bin and will not be recoverable. However, if the file was synced to the dropbox server, it will be available via the dropbox website through their deleted file recovery option: https://www.dropbox.com/help/296 .
Tags: Mount Dropbox folder as a drive letter in Windows (Dropbox must be installed), dropbox, drive, letter, subst, network, mount, windows, vista, xp