The only way you could "password protect" a file is to put it into a zip/RAR type archive, and add a password to it. But, that's not very useful if you want to use the files all of the time.
A better solution would be to look at implementing file permissions. That way, each user on the computer would have their own user names, and you can grant read/write/execute/modify type permissions on a per-user basis.
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