How do I assign permanent drive letter to USB external drive

I have an external HD running off of USB 2.  I would like to assign it a permanent drive letter.  I've tried using the disk management tool.  Unfortunately the new assignment isn't premanent.  Is it possible to permanently assign a drive letter to a USB drive?
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Normally, XP assigns the next available drive letter when you plug in a USB drive.

Alternative solution (the better solution) would be to mount it as a folder in a partition on your hard disk. You could also use your little USB drive to share files across a network.

Here is how you could set it all up:
1. Plug your USB drive into your computer.
2. Click on the Start menu, then right-click on My Computer and select Manage.
3. When the Computer Management window opens, expand the entry labeled Storage and choose Disk Management.
4. Find the entry for your USB drive, right-click it, and select Change drive letters and paths.
5. Now click on the Add button, and select Mount in the following empty NTFS folder. You will now browse to the directory to which you want to mount the drive. If you haven’t created a directory, you may do so now.
6. When done, you can now remove the drive letter which is automatically assigned to the drive and click OK. Your USB drive now has a permanent home inside your hard drive (C:).

The really nice thing about this tip is that if you ever unplug your USB keychain drive, the folder will still appear inside your hard drive directory, but you will not be able to open it.

Let me know if you need more help. :)

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Reid PalmeiraTelecom EngineerCommented:
Link to a walkthrough of the process byon goes through above:

You should also be able to go about changing it (the drive letter) in the same manner to be a drive instead of a folder in C:\<whatever>
Right click My Computer -> Manage. select Storage -> Drive Management. Right click the appropriate removable drive -> Change drive letter and path. finally choose the drive letter to use.
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