Thanks to all the concerned posts and help, and sorry for the late reply...after I got this resolved I went on a long vacation (seriously).
So last month I did end up getting a 2.5 SATA HD enclosure, removed the drive, and plugged it into another laptop as a USB drive. At
first I didn't have access to the drive this way either (the "f*ck!!"I yelled reverbed through my condo bldg.), however unlike before I was able to access the 'Advanced' section of the HD's security tab and re-enable full-access to the drive.
After that, 2 days of major back-up activity ensued (both to a brand-new NAS drive and many DVDs). Finally, I re-installed the drive back into the original laptop to see if access would still be denied.
Surprisingly, it wasn't! Apparently ulocking the drive in slave mode unlocked it for good. So, all has been back to normal with the laptop and the HD - full file access and full admin rights/UAC/system rights.
Also - System Restore does now show a restore point. It's almost as one didn't show up as available before b/c I didn't have full Admin rights, but that would be weird... Anti-virus hasn't found anything otherwise.
So all seems good...I'm very lucky

It's funny, up until this debacle I was actually defending Vista to those that bashed it in casual conversation. It's good to know that even with technology and Vista though, busting out a screwdriver (i.e., real tools) can fix the problem.
Thanks again.......