Configure Windows 7 firewall to whitelist IPs

Is it possible to configure Windows 7 firewall to whitelist specific IPs?

For instance, I want to allow outbound connections only for a list of IPs:
1.2.3.4
1.2.3.5
1.2.3.6
1.2.3.7

Certainly possible. The easiest way is to simply delete all built-in outbound rules and add a few ones targeting those IPs as the remote address. Also, configure the firewall to block outbound connections not matching a rule.

You may also probably want to enable a few other services, like DNS, DHCP and maybe specific programs (like Windows Update for example).

I'm sorry, but to be helpful you probably need to provide a little bit more details. How am I supposed to "easily delete" all this and have a working system?