Windows -File system

Hi,
My Application needs to keep track of all the folders and files (in all drives)which are being renamed.We have a Win API "FindFirstChangeNotification" which indicates the changes occuring in the the given folders and subfolders ,but since i need to keep a check on all folders across all the drives,it would be too cumbersome to use the above API and walk through the entire directory listing each time a folder name is changed.
Does windows provide any other way by which my application can be notified of the changes or is there any other better way this available API could be used.
Any help is appreciated,
TIA,
suchitra