Windows Home Server might deliver, but you'll probably need Windows Vista on your daughter's machine. WHS doesn't have Active Directory or Group Policy.

However, Windows Vista provides the capability to do what you're talking about in terms of limiting your daughter's access. This kind of access control is actually the most useful feature - along with desktop search - that I've discovered so far in Vista.

I think Windows Home Server will allow you to configure these Vista access settings from the server, but I haven't tested that yet so don't hold me to it.