viewtopic.php?f=29&t=15868 Been there (for some dark reason, most support answers want you to use the cmd line - should be unnecessary in 2012) and looked also in search - literally hundreds of non-answers, so, I'll try to be clear here:

I'm using Ubuntu as a guest on a W7 Box. (I use specific W7 programs like Dragon talk-2-text which oddly work in Linux but not the other way around, so... )

I HAVE read the docs, I have re-installed multiple times with varying setup situations and verified the Guest Additions install.
I think I'm missing something fairly simple here and it is probably Directory related. (Wish I could work out how to copy and post the actual setup here) :
I've nominated two locations as Shares:
W7 Box:
D:
D:\VBOXSHARED (in caps)
Ubuntu:
Both as automounted and full access. (As per the simple options)
AS per the docs, two new Dirs, same names, prefaced with sf_DRIVE_D and sf_VBOXSHARED in HOME/DOCUMENTS
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I have tried variations on the above locations with no results - and am still unsure how to allow W7 access to Ubuntu files.
I am using a common files program, LibreOO, which has identical structure in both Systems.