From How to Create Hidden User Account (Hide User Account from Welcome Screen) in Windows:
Note: If SpecialAccounts
and UserList is not found, create new
sub-key and name them accordingly.
Select UserList, and in the right pane, right click on any blank space, and point to New -> DWORD (32-bit) Value.
Name the new DWORD registry value name as the exact same name that match the name of the user account to be hidden.
Double click on DWORD registry value, and set the value data to 0 in order to hide the account from Welcome Screen
Tip: To display the user account on
Welcome Screen again so that it’s
visible again, delete the registry
entry, or set the value data to 1.
In order to login into Windows using
an user account that has made hidden
and invisible, just press Ctrl+Alt+Del
to bring up Windows Logon dialog, and
then type in the user name and
password manually.
EDIT
The above worked well under XP, but under Vista Ctrl-Alt-Del has been suppressed. So to be able to logon to this hidden account, you'll need to return Vista to the classic Logon screen, where user names are typed-in rather than clicking on icons.
This is also done through the registry. Navigate to:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Policies\System
and change the value for "DontDisplayLastUserName" from 0 to 1.
Note: Before doing any registry editing, create a system restore point just in case.