With the onboard tools of Windows, you can only create symbolic links with the command line (unless you download some third-party GUI tool). The syntax is as follows:
mklink /D "c:\inetpub\External" "\\server\share"
This will create a folder c:\inetpub\External and it will point to a share on a server. You can delete c:\inetpub\External via normal File Explorer, it will only delete the Symbolic Link, not the destination share.