Answer:
There's a registry hack to restrict or disable mouse right click. The only catch is it only works at desktop and explorer. Not totally flawless as people can still drag files and folders and drop them everywhere but it does provide some level of protection.
Go to Start > Run > type REGEDIT and hit enter. Navigate to:
HKEY_LOCAL_MACHINE\Software\Microsoft\Windows\CurrentVersion\Policies\Explorer
Right click at an empty area on the right column and select New > DWORD Value. Use the name NoViewContextMenu. Double click the name and set the value data as 1.
http://www.raymond.cc/images/disable-mouse-right-click.png
Adding the registry tweak above will disable mouse right click for ALL users. If you only want to disable for the current logged in user, you should add the registry tweak to HKEY_CURRENT_USER instead of HKEY_LOCAL_MACHINE.