|For downloads thru Internet Explorer:|
Create a download folder, such as E:\Downloads ( where E: is your preferred drive for downloads )
Open Regedit and expand HKEY_CURRENT_USER\Software\Microsoft\Internet Explorer
On the right pane, there should be an entry named Download Directory.
Right-click it and click Modify.
Change the Value to your new download location, such as
After you log off and back on, your downloads will go to E:\Downloads
For Windows Live Mail attachments:
Open Regedit and expand HKEY_CURRENT_USER\Software\Microsoft\Windows Live Mail
On the right pane, there should be an entry named Attachment Path.
Change its value to E:\Downloads.
When you want to save e-mail attachments, they will go to E:\Downloads folder.
You can change the folder path anywhere you like, such as X:\My downloads\IE8 downloads
Y:\My downloads\WLM downloads.
The only thing is, you must create the folders and then you must specify the paths correctly in Registry.
NOTE: Incorrectly modifying Registry may create problems and cause Windows to not boot properly. So please take extreme caution or do not touch Registry.