Not out the box, but if you look on the standard search you will see 3 links, This site, All sites and Repository and this just adjusts the Lucene search that is executed once you click "Search". There is nothing to stop you adding similar functionality to your advanced search form that would allow a user to select a folder or simply limit the search to a pre-selected folder. The search back end is a Javascript and its easy to override / manipulate the search that is executed.
