I would definitely recommend using a Sandbox.
Taken from Wikipedia :
In computer security, a sandbox is a security mechanism for separating running programs. It is often used to execute untested code, or untrusted programs from unverified third parties, suppliers, untrusted users and untrusted websites.1 A sandbox typically provides a tightly controlled set of resources for guest programs to run in, such as scratch space on disk and memory. Network access, the ability to inspect the host system or read from input devices are usually disallowed or heavily restricted.
In the sense of providing a highly controlled environment, sandboxes may be seen as a specific example of virtualization. Sandboxing is frequently used to test unverified programs that may contain a virus or other malicious code, without allowing the software to harm the host device.2
A very good program for this would be Sandboxie which can be found to download from here.
A good tutorial for using Sandboxie can be found here.
Good luck and happy testing! =]