Not quite sure what you are saying here. In 2007 you can use the Recent Documents list to open files you've used recently, and you can increase the number of files that will show.
An alternative solution to your problem may be to try something like FolderGuide.
http://www.freeware365.com/desktop/folderguide.htm
I am a big fan of this little bit of freeware which allows you to open your own 'fave folders' with a right click. This makes navigating to places like:
networkdrive\myfolder\myworddocs\bigsubject\littlesubject\projects\project2
very quick, and you can add and delete shortcuts very simply. So you could set Projects as a FolderGuide shortcut, then you are one click away from the subfolders.
Importantly it works almost anywhere. I.e. on the Start button or on a file dialog box such as a Word File Open.