What exactly are you trying to restrict? Program acess? Drive access? Applet access, as in certain areas of Contol Panel or even Control Panel as a whole.
I had a question similar to this not too long ago, but I specifically wanted limited drive access. If that is what you're looking for too, you would restrict the access by way of the drive itself.
Example: Go to Computer, right click the drive you want to edit, click Properties, click the Security Tab, click the Edit button, click the Add button, enter the User Name in the box and click Check Names, then OK. Then you would check Deny for whatever property of the drive that you want that User denied access to. Click Apply, then OK, then you're done.
Reply back with what you're looking to do.
BTW, Group Policy Editor is not included in the Home versions of Windows 7