how to limit access

Which OS version are you using? Tiger at least lets you define very clearly what a simple user can use and what not. You can even go as far as to only allow access to one application (say: Safari)...
 
Note that this depends on how sophisticated a user you're trying to protect against. The protection measures fryke describes are not meant to prevent a serious attacker from gaining improper access.
 
Well because you ask , here is a response from the Untied States NSA. However I found this Cosaire White Paper to be a little more easy read.

Security is more than just one step. it is always ongoing. The important thing to remember you better be comfortable with the operating system to properly lock it down. I suggest you get some technical manuals from places like O'Rielly press. I highly suggest starting with the Missing Manual series then working your way up the techincal ladder. Just make sure you get a book the is up to date and in the subject you need.

Welcome to my world now.;)
 
You can set up these limits in System Preferences under the Accounts tab. Select the user you'd like to limit, then click the Parental Controls tab. The, place a checkmark next to "Finder & System". Click "Configure" and set all the restrictions you please.
 
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