This can easily be done through TweakUI. The dialog is called 'common dialog' and the 'list' is
called Places bar. Under TweakUI, navigate to Common dialogs >> Places bar and select 'Custom places
bar' and you can specify your own folders/directories.
To hide the Common Places Bar: For Pro go to Start/Run and type in:
gpedit.msc. User Configuration/Administrative Templates/Windows
Components/Windows Explorer/Common Open Places/Hide the common dialog places
bar.
Note: To see the difference between the views, open Notepad and choose
File/Open before and after applying Enabled.