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Since version 8.2.7, postgresql on windows can run under administrative user account. Here’s how to do it with postgresql 8.3.3

1) Download postgresql-8.3.3-1-binaries-no-installer.zip. Here we’ll use c:\postgresql as the target directory, so extract the archive to that directory.
2) Create a folder named data in c:\postgresql (or wherever you want it to be). Then we’ll need to initialize the data folder. Run this command:
c:\postgresql\bin\initdb -D c:\postgresql\data
3) Run the server
pg_ctl.exe start -D c:\postgresql\data

NOTE:
1) the fix to run postgresql under administrator is in pg_ctl.exe so don’t run postgres.exe directly or it will fail.
2) this setup is for testing purpose, don’t use it for production use.