Does Windows store a list of recently-visited directories somewhere in the registry, or in Docs & Settings?
Windows Explorer does keep such a list in the registry, if not turned off.
The article How to Remove Unwanted Items from Addressbar History in Windows Explorer? shows how to access this list stored in
Windows keeps lots of lists about your activities. If you're concerned about it, here's a commercial product that cleans up everything: Clear All History. Its following screenshot might serve as a demonstration of which history is kept about your actions:
Under Windows XP:
Not sure about Windows Vista and Windows 7, but they should be the same.