No - you don't directly manage that file.

Look here for further information on the subject.

Registry structure

User profile

NT 4 article but for the most part applies to newer OS as well
Modifying Ntuser.dat Hive So New Users Get Defined Settings

You can also look here where there was a little bit of discussion about it a few years ago.
Channel 9 ntuser.dat


Only method I know of is using a Registry Editing Tool