jg,
You can use a home screen (launcher) replacement app such as LauncherPro to create folders and re-arrange the way various widgets and task bars work. It ends up replacing the standard "shell" when you return to the home screen via either "home" button.
I have heard that ICS will have the ability to create folders be more native by dragging icons on top of each other (like on an iPad, if you have used one of those). I'm not sure how that will compare to LauncherPro functionality nor how LauncherPro folders will work with ICS, but you might want to wait a week or so until after the ICS push, if you can, to see if the default launcher can be made to suit your needs via that new capability...
Thanks,
sutekh137