You will basically have to set up Parental Controls for the account.
1- Log in to a user account that has administrative privileges.
2- Click the Start button, choose Control Panel, and click Set up parental controls 
for any user.
3- You come to a page that shows the name and picture for each user account you’ve 
created Click the user account for which you want to set up parental controls.

To Block and allow programs

1- Click Allow and Block Specific Programs.
2- to allow the user to use all programs select " can use all programs".
3- To restrict programs, choose  can only use the programs I allow. And then 
select programs you allow.
5- Click OK

You may be interested in this:

To View User Activity Reports

As an administrator, you can view the report for any user at any time Click View 
activity reports.

The report shows the top 10 visited Web sites overall, the last 10 visited sites, 
file downloads, login times,
programs used, games played, instant messaging information, e-mails sent and received, 
and more. Basically
you get to see everything the user has done.

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