I can do it in Windows Server 2003 however in Windows 2008 with the exact same file permissions it doesn't work. I can't figure out why. Below are my settings from Server 2003 which do what you've described. I use it with my FTP so that users can not read and write to the same directory. I did this after the porn people found my FTP once before and I suddenly became a porn server. This prevents such use even if someone has a login on the machine.
Open Properties on Incoming and select the user, in my case my FTP user account
Checkbox List Folder Contents, Write
Click Advanced. Uncheck the Allow inheritable permissions box and let it add the current settings.
For the FTP User Account edit the settings and clear all flags except for DENY Delete Subfolders and files and DENY Delete. (the apply onto This folder and subfolders is selected above the permissions list) Click OK
Now ADD a user and add this SAME USER. This time Checkbox Traverse Folder/Execute File, List Folder/Read file, Read Attributs, Read Extended Attributes, Read Permissions. click OK
Now ADD a user and add this SAME USER again. This time checkbox Create Files/Write Data, Create Files/Append Data, Write Attributes/Write Extended Attributes. Click Ok.
Now just click OK your way out of the boxes.
As I said, I have it working perfectly on my Windows 2003 Server. I had it running perfectly on my Windows 2000 server. I can not make it work on my Windows 2008 R2 server.