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Explore mounts the recovery point as a drive, then invokes Windows Explorer to see/browse that new drive, as well as other drives.

Browse, on the other hand, uses the Ghost Recovery Point Browser program to open and view the contents of the Recovery Point.  It is NOT mounted as a drive letter (you can verify this by then opening Windows Explorer progam and you will not see any additional drives).

Using the Ghost Recovery Point Browser progam, after opening the Recovery Point, you can select the recovery point (C_Drive007.v2i for example) and right click, then Mount Recovery Point, Verify Recovery Point, etc.

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Browse opens a Recovery Point.  If that recovery point contains more than one drive-image, all of them will be displayed, but they are NOT assigned drive letters unless you mount them.  (Verify this by using Windows Explorer and you will not see any new assigned drive letters unless you mount them.)

Here's a reference on Mounted drives in XP:

How to create and use NTFS mounted drives in Windows XP

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It's hard to imagine using all drive letters in a Windows 2000 or Windows XP environment, as compared to Windows 9x.

You can use the Universal Naming Convention.

Instead of mapping a network drive, you can for example easily assign a default directory using the address in the UNC form.  So, in Microsoft Word, your default startup directory doesn't have to be (for example) j: but instead it can be expressed as a UNC-name.

Universal Naming Convention:
\\<server-name>\<share-name>\<directory/filename>

More info:
How to connect to network resources in Windows XP without mapping a drive or a port