I'm sharing my PC (Win 7 x64 Home Premium) with a friend, and I wanna create a guest user for her. I don't want her to reach my files, Windows settings, program adjustments etc. She should just surf the net, create/edit her own Word, Excel documents, and simple things like these. How can I create this user account and make the necessary arrangements for limitations?
You can create a user in the "User Accounts and Family Safety" section of the Control Panel. Create the account as a "Standard" user.
This new user shouldn't be able to see or change anything that matters to you, but you can add extra restrictions if you like, such as not allowing access to some programs, by setting up "Parental Controls".