The funny thing is that in most Windows tools, it doesn't mean even alternate file streams. It simply is flat out illegal (unless used as a drive letter); most tools will reject any program trying to save a file in the format of "filename:ADS".
Even in managed code tools, it's this way. For instance, in C#, a statement like this:
Will error with "path format is not supported". There's no way to access ADS natively in .NET. The only way to access ADS is to evoke native Win32 methods.
Long extensions and multiple dots are perfectly valid in Windows filenames. I use them all the time.
They're not like colon which has a special meaning referencing alternate streams.