No it does not work the same. It depends on what bluetooth profiles the software you have loaded on the the XP machine provides. There are more than one type of Windows software Microsoft has a set, broadcomm has another. Bluetooth will not by default give open access to the connected device.

Most of the profiles will support 'file transfer' which will allow you to transfer file/s by dragging them to a specific windows folder, and they will appear in the phone under \sdcard\bluetooth. Other profile include 'Photo transfer' or similar - it goes to specific DCIM folder on the phone copies the photos to desktop then deletes them off the phone but only if they are in a specific folder (DCIM). The kind of access you are talking about is PAN personal area network, but I am not sure Bluetooth implementation on the phone supports it. The profile (PAN) has to exist on both sides.

Think of Bluetooth as supporting certain connectivity tasks, it is not like open access or sharded folders. It may be pssible to browse the phone over bluetooth, however it was not designed to be the same as a LAN connection.