Yes, potentially limited by which version of Windows you have (Home versions may not have the ability to adjust ownership). Also, beware that removing your delete permissions is not a guarantee that you can't delete the folder. I've been burned multiple times.
Here is a method that is usually foolproof:
- Create a new user
- Assign ownership of the folder you don't want to be able to delete to this new user
- Remove your user's access to delete the folder, make sure your user has full read/write privileges in the folder.
I've used this trick on Windows NT to Windows 7. Sometimes you have to monkey around with the settings a bit before you get it perfect.
TEST THIS ON A NEW FOLDER FIRST (including creating files and folders within the test folder!
Also: Heed the advice of "Use Backups and version control". If the files are that important, you need at least 2 copies.