I too have been trying to do this on the family machine, and investigated the RunAs service under Win2K, but no luck.
My next try for Corel Central Programs(Any time now...<g>) will be to use a program like TweakUI to change the documents folder for each of the users to point at a special user I set up, "Ours".
I did this with photo software using Neil Rubenking's Change of Address to move the application and change the registry info for HP's photo software. I did not allow my kids (power users only) access to the local administrator account, which is where HP put the software.
Anyway, I moved the software, renamed "My Documents" and "My Pictures" to "Our Documents" and "Our Pictures". I then put shortcuts to the various "Ours" folders in the normal operating profiles.
-hal