Disk Pulse is a brilliant app that allows user to monitor any drive or directory for changes. It lists both the system changes and user changes neatly in the main window. Did a file get modified, created, or deleted? The operation is written clearly along with the date, time, and full path.
When starting the app for the first time, hit Monitor and choose the drives and directories you would like to monitor for changes.
When done, select the events that should be monitored, apply some rules and tweak some advanced settings before hitting Start.
Once the monitoring have started, you can pause/stop it any time, change layouts, etc. All changes will be shown in the main window in real-time.
Additional functionality, such as, ability to save reports in HTML, CSV, and TXT format, monitor specific files types, and email notification are available in Pro version which cost $25.
The free version should be enough for most users since they can choose to monitor any selected important directory. System administrators can choose to monitor a location while testing an application and it can be equally beneficial to developers as well.
It works on Windows XP, Windows Vista, and Windows 7. Installers for both 32-bit and 64-bit versions are given. For more, check out a similar tool called Directory Monitor.