Is there any way to add or modify the 'tools'/buttons in the Explorer's toolbar below the addressbar in Windows7
Or even hide toolbar too like menu bar
Or even hide toolbar too like menu bar
How to tweak Explorer toolbar in W7
Go to Tools->Toolbars and modify as per your need.
Recheck yourself 
Press ALT > go through Tools->?
^^ Oh sorry. I though you were talking about internet explorer in win 7. Didn't read carefully. Ma bad.