You can custom sort System Preferences in Mac OS Lion 10.7.2, and even select which ones to show/hide with a check box. To sort your preferences, launch System Preferences and then select Organize by Categories or Organize Alphabetically from the View Menu.
To hide individual panes, select Customize from the View Menu. A checkbox appears next to each preference pane. Next, simply de-select the panes you want to hide and finally click Done in the toolbar.
To make them visible again, just repeat the process, re-checking each pane you want displayed.
I know this wasn’t possible in Snow Leopard, and I’m all but certain it was introduced with 10.7.2.
Update: Thomas Brand points out that sorting was available in Mac OS 10.7. Just the show/hide feature is new.