Is it possible to create a network recycle bin on a Windows 2003 server,
either natively or with third party software?

I have 1.5TB of data on a RAID5 array. If I delete a file on the server from
one of my workstations I would like to be able to recover it the same way I
could recover a file deleted locally.

I don't need the ability to track file changes/versions.

I don't want to waste drive space by backing up tonnes of files.