Folder Lock 6 (Shareware) allows to password protecting files and folders.
Folder Lock is compatible on all 32-bit and 64-bit flavors of Windows 7, Vista, XP, 2008, 2003 Server and 2000. The protection is cross-platform compatible and PC independent.

Note: I don't really know whether
1. you can unlock your files after a system crash or after hardware changes.
2. you can view the files from a live CD or another OS