Disabling access to hardware is not possible per account. However, you can set up parental control and with the recording account, you can restrict it's access to various programs, access to the internet, set up time limits, etc.
To enable parental controls, you need to do the following:
Click Start->Control Panel->User Accounts and Family Safety->Parental Controls
On the "Choose a user and set up Parental Controls" page, you'll see a list of all users on the computer.
Click the account you want to turn on parental controls.
On the "Setup how...will use the computer" page, click "On, enforce current settings" under Parental Controls which turns on the parental controls.
Click OK to apply these settings.
After that, when you go to Start->Control Panel->User Accounts and Family Safety->Parental Controls, look in the left panel of the main Parental Controls page. From this area you can set the following:
Game - control what game ratings this account can play.
Time Limits - set the amount of time (or what times during the day) you will allow this account to log in
Allow and Block specific programs - select which programs the user has access to or is blocked from using.