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It is not possible.

sure it's possible
"subst M: c:\temp"
without the quotes
works under DOS WINDOWS 9x, NT, 2000

Use of subst under Win 9x/NT/2K is a very bad idea!

I'd do it if I were VERY desperate to continue using older, irreplaceable software, but it's not recommended procedure.

This is possible. You will need to install file and printer sharing. Right click on the folder you want to share. Then go into network neighboorhood and map the shared folderto the drive letter you want.

Answers #2 and #3 are right. #4 is kinda right, but that is to map a new drive to an entire "real" drive, but not just a folder. I used this same scenario when networking a old DOS package, the ini files needed a drive letter installed, so one machine in the LAN mapped to M: and the machine "M:" was on, was done with a subst m: c: in the autoexec.bat file. Therefore all ini files were written with a M: in them and thus both machines could use the program, but not simultaneously. But #3 is kindaright, there isn't much use for that anymore.
Good luck!!!
-tom-