Here is how to create a virtual directory in windows server 2003 server.
1. Click Start, point to Programs, point to Administrative Tools, and then click Internet Services Manager.
2. In the Internet Information Services window, expand the folder, “Default Web Site”
3. Right-click the Web site that you want to create virtual directory, and then on the shortcut menu that appears, point to New, and click Virtual Directory to start the Virtual Directory Creation Wizard.
4. On the Welcome to the Virtual Directory Creation Wizard screen, click Next.
5. On the Virtual Directory Alias screen, type the alias that you want (Eg: bizhat), and then click Next.
6. On the Web Site Content Directory screen, type the path to the folder that you have virtual directory created, and then click Next.
7. On the Access Permissions screen, click Next, and then click Finish to complete the creation of the virtual directory.
Virtual directory in Windows is like symlink in Linux/FreeBSD.