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 Security SaveIt! - Password protect any Windows Program
I was very interested when I saw this program. I tried it and it works great. You just open up SaveIt and chose the executable file you wish to protect then set a password for it. Bang, boom, boing, and it's protected. Next time anyone tries to open that program, they'll have to know your password to use it.

Quote from the website

SaveIt! allows you to password protect any program or document. You can also restrict access based on the windows user account and disable password protection temporarily. When a user attempts to open a password protected application or document, he is automatically prompted for the password (protected files are marked with a special icon in Windows Explorer). SaveIt! is also available from the Windows Explorer SendTo menu, allowing you to quickly protect a file with just a few clicks.
Clif Notes Freeware and Website Reviews