Is there software that can create virtual removable media?

I was wondering if there was any freeware/shareware that I could download, much like Daemon Tools, to create virtual removable media. I make back up of SD card and Memory Stick Pro Duo's a lot on my computer. They are all in one folder which is cool, but I'd like it if I could virtually mount the files as if they were really adapted into my computer. Then I'd be able to label them and view them with the software I normally use when the Memory sticks/SD card are inserted.