I can add feature data from this path (ArcMap 9.4b2 / 2307)
\\.host\Shared Folders\E_DRIVE\gisdata\sd\bhhs_study.shp
and a file raster
\\.host\Shared Folders\E_DRIVE\gisdata\sd\earthsat.jp2
But not a grid (I'm assuming the dot in the path is the problem?)
\\.host\Shared Folders\E_DRIVE\gisdata\sd\topo\ned90f
I can load this fine mapped and connected to:
E:\gisdata\sd\topo\ned90f
The popup error is:
Raster Data Objects Error
Invalid raster dataset. Filed to create raster layer.