This is possible. Go into the control panel and run the network setup wizard. Follow the steps on the wizard and restart when it prompts.
Run the same wizard on the other computer and be sure to input the same network name and restart when completed.
Right click on the folder(s) you want to share, then click properties. Go under the sharing tab and underneath "sharing & security" click the long message about sharing security.
When you want to access the folder from another computer just go to "My Network Places" and the folder should appear there.