Encryption For The Masses v2.02a
E4M is an on-the-fly disk encryption product. What this means is create a volume on your hard disk, CDROM, floppy or other media which is essentially just a normal file. The file however is in fact a file system itself. It contains all the structures needed by your operating system to recognise the file as a file system of a particular type such as FAT or NTFS. This is called a “file hosted volume”.
Pretty interesting freeware encrypting filesystem