Filezo lets you tag any file or folder in Windows. It also supports hierarchical tags with color coding.

Also save and organize clipboard clips using tags.

Tags help you access a group of scattered items in a click, however deep they are on your system.

Tags let you label files, folders, apps and clips based on category, file types, projects, priority etc.

Just drag and drop a tag over an item in the list to tag it.

Watch a short video (1m 56s) demonstrating this feature.