As you know, in Windows XP, if you delete a file from a network location, the file is essentially unrecoverable. However, in Windows Vista, you now have the option to extend the file protection offered by the Recycle Bin out to your network.
Next to the General tab in Windows Vista’s Recycle Bin Properties dialog box you’ll see a tab titled Network, which when click reveals the options shown in Figure D. When you click the Add button, you’ll see the Select Network Folder window and can browse to and select any folder on your network to which you have permission to connect.
This is great and can be enabled using Group policy on active directory or manually on a per machine basis.
If you are using Windows XP or earlier operating systems I have not found ANY way to do this.
Added by Andre Lorbach:
I believe the feature you are searching for is called Shadow Copies and is included in Windows 2003:, for more read this article.