Eclipse 3.5 added support for relative buildpath/classpath items, yet I cannot seem to find a graphical way to add relatively pathed items. The example in new and noteworthy
As far as I know you currently can only achieve this by editing the .classpath file. For this to be possible through pure 'button pushing' the browse dialogs popping up after selecting 'Add External JARs...' and 'Add External Class Folder...' would need something like a check-box to specify if you want to add the relative or the absolute path. Maybe that is not hard to add, but I haven't seen it yet.