Is it possible to relocate the Application Data Directory?

Is it possible to relocate the Application Data Directory? My Application Data Directory is currently mapped to a directory on a network drive. The network is incredibly slow and it causes every single application which accesses that directory to freeze. I feel like I am losing about 75% of my productivity to waiting for the network to respond.
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Guest [Entry]

"This is an in-depth article on how this can be done but it is extremely tricky.

However on a corporate network the same effect can be achieved via certain Group Policies. This is controlled from a central server and will be hard to change locally. This is also the behavior when using Roaming Profiles."