Yes, you can do that - because, yes, NTFS does make it possible. What it does not necessarily do, though, is make it easy.
Right-click (file or folder) > Properties > Sharing tab. Click the Advanced Sharing button - here, you can set custom permissions on the share as a whole, or on a subfolder or file in the share.
Keep in mind, though, that (by default) NTFS permissions are propagated from the parent to the child - whatever permissions are set on the top-level folder are also given to anything below that, unless you either disallow this (often makes management a major PITA), or explicitly modify the permissions on a child object (can also be a PITA, depending on how many children are involved.)
- start small-scale to get a feel for what you're doing. Test functionality as you go. Keep notes on what you did.
- back up the directory before you start. If you seriously bung up the permissions, you may find it easier to restore from a backup, rather than try to fix it (although, this can be a good learning experience, too. Still, a backup would be a good idea.)
Generally, anything that you want anyone to be able to modify/delete, you'll want to grant the Everyone group Full Control; anything that you want to be unmolested, you'll want to deny Full Control to Everyone, and grant Everyone Read, Traverse, and Execute rights, among other things - it's easier if you start at Full Control (which grants all rights), remove Full Control, remove Delete, and remove Modify. You may need to explicitly add Deny privs (on the share!) regarding Delete and Modify to the Everyone group, too.