Yes, it is possible. Do as follows:
1. Download an application called LinkMagic from here http://www.rekenwonder.com/linkmagic.htm and install it.
2. Remove all files from the "My Documents\My Pictures\Ascaron Entertainment\Sacred 2" directory.
3. Run LinkMagic. It starts looking for junction points. Wait or click on "Cancel".
edit: 3a. Something I forgot: click on "More info" and read carefully "Junction point precautions".
4. Click on "Create".
5. On the left choose "My Documents\My Pictures\Ascaron Entertainment\Sacred 2" as a junction point.
6. On the right choose a destination directory -- whatever you want (not a system dir, of course).
7. Click on "Create" and confirm a following message.
8. LinkMagic now will show data on the new junction point. Close the app and enjoy.