The simple answer to your question is No
as the libraries are designed for a specific functionality
To continue the library analogy and taking the my pictures folder as a book what you have in your example is a library containing only one book - not that useful
What libraries allow you to do is to add more books
basically what you can do is to organise your data in a way that suits you, perhaps having a folder for each project with a set of pictures for each These may be anywhere on your systems on different partitions or drives (or even on a server or other computers).
By adding the disparate folders to a library you can bring all these items together - and using the library functions sort the complete set of data by for example date created.
It may be of course that your use of the computer does not lend itself to the use of libraries and if so it is best to ignore them and revert to the user folder method used in XP and Vista - but the choice is there