For native applications it is not possible, however for .Net applications it is.
The .Net framework has specific authorization features for many aspects. I know very well about the existence of these restrictions, because they are too-often the cause of something failing (due to too meager permissions).
Back in the days of .Net 1.1, I remember a .Net evangelist (yes that was really his title, it was even printed on his card!) claim that administrators of the future would demand only managed code because they could manage or restrict the rights of the application. In
Administrative Tools or in
C:\Windows\Microsoft.NET\Framework\v1.1.4322\ you'd find
ConfigWizards.exe with which you could define different security zones. With the
mscorcfg.msc Management Console Snap-In you could fine-tune them and even make specific rules for a specific application.
I just tried it on a more recent.Net app (Paint.Net), but this tool does not seem to apply any more. I can't find any replacement aether. Apparently they have changed some things for .Net 4
I'd love to have a nice transparent GUI for configuring this though. I hate the idea of Paint.Net accessing my web-cam whenever it checks for updates ;-) (I'm not saying it does, only that I would not like the idea).