Yes you can go back to previous versions of files and folders, but not AFAIK
control the roll-back by specific time limits.
Depending on your Vista version, for individual files and folders
Vista Home Premium (maybe basic, don't know) - download ShadowExplorer -
it's basic but it works and allows you to "extract" previous versions
Vista Business, Enterprise, Ultimate - use the Previous Versions tab on File
or Folder Properties (I don't know if there is a Previous Version tab at
drive level...)