How do I set up a very restricted user account?

I am hoping to create as close to a "Guest Mode" account as possible.
On my Win 7 Pro x64 laptop I have my primary account as an admin, it requires a password to access. The BIOS is password protected as well. I have a laptop tracking software on the machine but it can only send out a signal if it is able to get online, so locking the machine down entirely seems like it would be a problem in recovering it.

I read about "Guest Mode" that was available in Win7 beta's, but not in the final release. I would like to create a "Guest Account" which will require no password to sign on but will also provide the user with very VERY restricted access. I know I can lock down every option 1 by 1 but I'm curious if something like this has been addressed before and there might be a quicker way to do it?

I appreciate any help.

Sorry let me add detail. I have a guest account created, however, I would like to lock it down as if it were in "Guest Mode" or "Steady State".
I understand guest mode is not officially on windows 7 any longer, this is more of a can I lock the guest account down as if it were a guest mode user?

Guest Mode: Windows 7 Guest Mode Creates Bomb-Proof Accounts

Thanks for your guys feedback. I was hoping someone would have already possibly undertook this project before. The goal of the "Guest Account" is in case my laptop were stolen, I would need the thief to be able to get onto the computer, and also online so the tracking software could call home, but I would need to enforce enough restrictions that granting that user access didn't jeopardize my personal files, or open the system up for them to make alterations of any sort. A big concern is allowing them in any way to load any software that would format the hard drive and remove the tracking software.

A big concern is allowing them in any way to load any software that would format the hard drive and remove the tracking software.

That requires a bios password and nothing to do with Windows itself. Also needs to have it so the bios can't be reset simply by removing the cmos battery.

Stormy: A bios password will survive removing the cmos battery?
Logicearth: I would agree in the event it is someone with some bit of computer knowledge, but in the event it's some kid looking for a shiny toy to get on facebook there is a far better chance, and that is the situation I'm taking into account, nothing to be done about it if someone knows what they're doing. And there are plenty of people who know how to steal but not anything about stripping a computer for parts.