Yes. You edit the shortcut that starts it, or create a new one. For example, if you are using a shortcut which is in the Start Menu, open the start menu, move the highlight so it is on "Windows Explorer", right click, and select "properties". You will see a text box marked "Target". It will probably have %SystemRoot%\explorer.exe in there. You just have to add the location where you want Windows Explorer to open, for example
%SystemRoot%\explorer.exe D:\
if you wanted Explorer to always open in the D:\ folder.