There are several methods you could use that exist in the System.IO namespace:
Directory.GetLogicalDrives() // Returns an array of strings like "c:\"
Path.GetInvalidFileNameChars() // Returns an array of characters that cannot be used in a file name
Path.GetInvalidPathChars() // Returns an array of characters that cannot be used in a path.
As suggested you could then do this:
bool IsValidFilename(string testName)
{
Regex containsABadCharacter = new Regex("[" + Regex.Escape(System.IO.Path.InvalidPathChars) + "]");
if (containsABadCharacter.IsMatch(testName) { return false; };
//Check for drive
if(Director.GetLogicalDrives.Contains(Path.GetPathRoot(textName)))
// other checks for UNC, drive-path format, etc
return true;
}