Is it possible to create database in custom folder? Like:
mysql> create database test FOLDER='/home/username/db_folder/'?
In Linux environment it can be painless using simple symbolic links:
my.cnf [/etc/mysql/my.cnf] for database files destination./var/lib/mysql/ and yours database name is "abccompany"var/lib/mysql/abccompany] to new destination (let say "/diskY")ln  -s  /diskY/abccompany   abccompany
No its not possible .. there is no FOLDER switch for the create database command : http://dev.mysql.com/doc/refman/5.0/en/create-database.html
MySQL uses the folder specified in the my.cnf file for the placement of its files - look for the datadir option in the .cnf file. 
Link to the docs for datadir
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