SandBoxie Is a well known free sandbox. The information is located on the website.
There is also an antivirus capable of the same thing, i recommend comodo antivirus, with me knowing how to hack myself i can honestly say, in my black hat days i always had trouble with comodo as they kept up with the underground world. However i still use sandboxie because its simple to use and easy to find out if you get infected. I run my web browsers through this is case of java drive bys or javascript exploits that are used to temporarily infect browsers.
http://www.sandboxie.com/img/FrontPa...eAnimation.gif
Introducing Sandboxie
Sandboxie runs your programs in an isolated space which prevents them from making permanent changes to other programs and data in your computer.
The red arrows indicate changes flowing from a running program into your computer. The box labeled Hard disk (no sandbox) shows changes by a program running normally. The box labeled Hard disk (with sandbox) shows changes by a program running under Sandboxie. The animation illustrates that Sandboxie is able to intercept the changes and isolate them within a sandbox, depicted as a yellow rectangle. It also illustrates that grouping the changes together makes it easy to delete all of them at once.
Benefits of the Isolated Sandbox
Secure Web Browsing: Running your Web browser under the protection of Sandboxie means that all malicious software downloaded by the browser is trapped in the sandbox and can be discarded trivially.
Enhanced Privacy: Browsing history, cookies, and cached temporary files collected while Web browsing stay in the sandbox and don't leak into Windows.
Secure E-mail: Viruses and other malicious software that might be hiding in your email can't break out of the sandbox and can't infect your real system.
Windows Stays Lean: Prevent wear-and-tear in Windows by installing software into an isolated sandbox.
