The good news is that what you want does exist in NTFS; the Windows term is "reparse points" (although they're commonly known as junctions or symlinks).

The bad news is that they're a pain to work with. Windows doesn't include any way to make them, but if you download the Windows Server 2003 Resource Kit tools then there's a command line util called linkd.exe which will do it. They can be removed with the built-in fsutil command.

For more info, see KB 205524.