windows precompiled binaries for mobile use

[Fabs]

Dear readers

I would like to use emacs on my memory stick, so I can use it no matter 
where I am. Since the win32 binaries are stand alone, I simply put them 
on my memory stick. What I'm not sure of is, if I can change the "home" 
directory, because emacs is looking for the .emacs file under say 
c:\documents and settings\user\application data. Naturally, I want emacs 
isolated from any other system so I need to direct emacs to a directory 
local on my memory stick.

How can this be done?

Regards
Fab