Libraries and MY folders?

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

Here are a few links to Libraries tutorials.

New Library - Create
Library - Include a Folder
Library - Remove a Included Folder
Library - Set Save Folder
Libraries - Include a Network Folder

The idea behind libraries is that you could have one folder of pictures or videos on your main hard drive and another on an external hard drive and instead of having to look in both folders, two different places to find a video file, you can just look in the one library and see both of them right there in one place. Once you start using it like this, you will see how incredibly convenient it is. I was initially skeptical about libraries but now wouldn't want to live without this feature.