For PHP, there's the open_basedir
restriction that is supposed to limit PHP script access to certain directories, and it usually does. However, it seems to be flawed. Article here - It's from 2008 though, so the shortcomings described there may have been already addressed in a recent release.
There's also the much hated safe mode that may have its place until PHP 6 comes along (it will be removed there.) be very careful with allowing scripts to execute outside binaries.
Suhosin adds additional security and restriction possibilities to PHP and is certainly a good idea to install. Its defaults may interfere with more complex apps, so be sure to look deeply into its config file. However, it looks like you have to recompile PHP to get it running on Windows. This is something I would really recommend looking into.
If you need something stronger and can use Linux, putting Apache in a chroot jail is something I came across a few days ago. It looks totally advanced, though.