Hey, 9K,
You have two choices:
1. Place your CF/website files in any directory and create an
appropriate mapping in the CF administrator
2. Relocate your wwwroot/web root directory at the server
level (i.e., tell your server to look in an alternate directory by
default).
I think item 2 sounds like the right solution for you.
On some Virtual Private Servers I've had at HostMySite, their
standard configuration doesn't leave any real space in the default
web root (typically, C:\Inetpub\wwwroot). The C partition is just
for core applications and services. They designate a D partition
for your working files (and an E partition for logging).
However, these machines have IIS set to pull from/look in
C:\Inetpub\wwwroot\ for files. I want my web root to be located at
D:\wwwroot as this will give me plenty of storage space for sites,
etc. To make this change on IIS servers, I go into IIS
Administration and change my default web location. The same
principle works for Apache servers but you set the (new) default
web root in your httpd.conf file.
There can be a few gotchas when moving the web root but
typically it's pretty straight forward. I recall issues in IIS with
the Default site and a correctly configured Virtual Directory for
CFIDE -- the CFIDE directory should be set correctly already but,
if not, it can cause issues trying to render CF.
Hope that helps!