Yes, that's easy, just like it was in XP. Click the Start Button, right click on All Programs, select Open, then do it again and select Open All Users. The first Open gives you the Start menu for your logon while the "All Users" is the same for all users.
Then just create some folders and move applications to your newly named folders. That usually means moving them from the Progams folder to your new folders.
Personally, since I am the only user on my machine, I move apps from my personal Start Menu to the All Users start menu. The top level of my Start Menu looks like this:
10/17/2009 23:07 <DIR> Audio-Video
10/17/2009 23:08 <DIR> Home
10/17/2009 23:08 <DIR> Internet
10/17/2009 23:03 <DIR> Photography
10/18/2009 11:54 <DIR> Programming
10/24/2009 16:56 <DIR> Programs
10/19/2009 12:34 <DIR> System Maintenance
10/17/2009 23:07 <DIR> Writing
contains all of my music and video programs, CD and DVD writing tools, etc. Photography
has Photoshop and all my other photography-related tasks. etc.